Shanghai, Feb 2, 2026, 03:05 CST — Premarket
- PetroChina’s Shanghai-listed Class A shares ended the session at 11.02 yuan, rising 1.2% after hitting a 52-week peak.
- Crude prices hover close to six-month peaks following OPEC+’s decision to maintain March output levels.
- Traders await follow-through amid new data on supply, geopolitics, and China’s refining runs set to emerge this week.
PetroChina Co., Ltd. Class A shares (601857.SS) head into Monday’s trading after closing Friday 1.2% higher at 11.02 yuan. The stock touched 11.15 yuan briefly, marking its highest point in a year, on heavy volume.
The setup is crucial now since this move isn’t driven by companies alone. Crude prices have been volatile due to geopolitical tensions, and China’s state-owned oil firms often move in tandem when oil prices shift.
PetroChina faces pressure from both sides. While rising oil prices typically boost upstream revenue, they also push up feedstock costs for refining when product demand or margins don’t keep pace. That tug-of-war is showing up again in the latest data.
Over the weekend, OPEC+ announced it would maintain current oil output levels for March, despite crude soaring to six-month highs amid concerns of a potential U.S. strike on Iran. Jorge Leon, head of geopolitical analysis at Rystad Energy, noted that “with rising uncertainty around Iran and U.S. tensions, the group is keeping all options firmly on the table.” The cartel’s next meeting is set for March 1, with a follow-up monitoring panel scheduled for April 5. Reuters
Oil ended Friday mostly flat, staying close to multi-month peaks. Brent closed at $70.69 a barrel, while U.S. WTI settled at $65.21. Market watchers highlighted Iran tensions as the key driver. “It’s really all about Iran right now,” said John Kilduff, partner at Again Capital. Reuters
PetroChina is also making moves on the corporate front. Sources familiar with the situation told Reuters on Friday that its parent company, China National Petroleum Corporation (CNPC), plans to restart a 200,000 barrels-per-day (bpd) crude distillation unit at the dormant Dalian Petrochemical refinery by mid-2026. The goal is to capitalize on margins from processing discounted Russian crude. This move requires approval from China’s National Development and Reform Commission. Reuters reached out to PetroChina and CNPC for comment but received no response.
A crude distillation unit serves as the refinery’s starting point, separating crude oil into fundamental streams. Should Dalian resume operations, investors will scramble to gauge its impact on run rates, product yields, and the group’s capacity to access cheaper feedstock once more—especially if Russia’s discount tightens.
Not everyone expects oil prices to climb steadily, which limits the sector’s upside. A Reuters survey of economists and analysts forecasts Brent will average $62.02 a barrel in 2026, with WTI around $58.72. They warn oversupply may overshadow geopolitical tensions. “Geopolitics brings lots of noise … The oil market appears to be in a lasting surplus,” said Norbert Ruecker, head of economics & next generation research at Julius Baer. Reuters
In China, PetroChina’s nearest listed rivals — Sinopec and CNOOC — have varied blends of upstream and refining businesses. Still, the big picture is clear: crude prices lead, followed by policy moves and margin shifts.
The near-term risk is clear. Should U.S.-Iran tensions ease, the “risk premium” baked into crude prices could vanish quickly. That would probably deflate the rally in upstream-focused stocks, despite steady refinery margins.
Traders start the week keyed into Shanghai’s opening mood, front-month oil prices, and potential signals of official backing—or resistance—toward the Dalian restart plan. The calendar’s next critical checkpoints: OPEC+ meets March 1, followed by the April 5 monitoring panel.
