Continued concerns about the credit market are causing worry among investors, especially in relation to the possibility of a weakening dollar and decreased American imports.
PTR falls over worries that the weather will continue to disrupt the economy by preventing laborers from doing their jobs, damaging equipment, and (worst for PetroChina) decreasing industrial energy demand.
PetroChina completed its home-coming A-Shares IPO in Shanghai Stock Exchange. The overpriced IPO shares put PetroChina's market capitalization near $1 trillion, a size twice as Exxon-Mobile.
PetroChina stock price increased as global oil prices increased after US inventories declined, thereby raising supply concerns ahead of the winter-season. Further, Citi announced that PetroChina’s proven reserves could be 7.3-11.7 billion barrels at its Jidong field, significantly higher than government estimates of 3.26 billion.
Will rise after the JULY option expiration.
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