[Special Stocks] Oil Refining Stocks Rise on Crude Supply Disruptions and Easing of 'King Dollar'

[Asia Economy Reporter Hwang Yoon-joo] Refining stocks are rising simultaneously due to the northward movement of Hurricane Ian and the easing of the "King Dollar" phenomenon. This is because a decrease in supply is expected due to production disruptions.

As of 9:27 a.m. on the 29th, SK Innovation is trading at 152,500 KRW, up 2.69% from the previous trading day. S-Oil is also up 3.47%, trading at 80,400 KRW.

International oil prices surged on the 28th (local time) as the landfall of the super typhoon Hurricane Ian in Florida, USA, approached. This is due to expectations that oil production in the Gulf of Mexico will be disrupted.

According to the U.S. Bureau of Safety and Environmental Enforcement (BSEE), 9.12% of oil production and 5.95% of natural gas production in the Gulf of Mexico were suspended due to the impact of the hurricane on that day.

Additionally, the extreme strength of the dollar, which had been putting downward pressure on raw materials overall, somewhat eased, acting as a positive factor in the oil futures market.

Meanwhile, at the New York Mercantile Exchange (NYMEX) on the same day, November delivery West Texas Intermediate (WTI) crude oil closed at $82.15 per barrel, up 4.7% ($3.65) from the previous day.

This content was produced with the assistance of AI translation services.