Oil & Gas Sector Mixed in 2QFY25; Brent Weakens, Gas Gains
KUALA LUMPUR: The oil and gas sector delivered a mixed performance in 2QFY25, supported by storage and long-term OGSE contracts despite weaker upstream sentiment. Brent crude oil prices averaged 15% lower year-on-year in August, while Henry Hub natural gas prices gained 39% in the same period.
Upstream remains constrained by reduced capital expenditure, though exploration and production projects continue to grow. Midstream segments saw higher storage and tanker utilization, buoyed by rising demand for LNG and cleaner fuels. However, downstream petrochemicals are expected to see slower recovery until year-end. Looking forward, Brent crude faces continued downward pressure, with prices forecast to average around USD64 per barrel. Analysts maintain a NEUTRAL stance on the sector. – MBSB Research
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