The Zhitong Finance App learned that Shanghai Petrochemical (00338) rose more than 6% after the results. As of press release, it had risen 6.73% to HK$1.19, with a turnover of HK$7.9093 million.
According to the news, on October 29, Shanghai Petrochemical announced its results for the first three quarters of 2026, with operating income of about 59.848 billion yuan, up 1.7% year on year; net profit attributable to shareholders of listed companies was about 1,085 billion yuan, turning a year-on-year loss into a profit; and basic earnings per share were 0.103 yuan. Goldman Sachs pointed out that the scale of shutdown of refineries in the Middle East was about 1.6 million b/d higher than the normal seasonal level, while the scale of shutdown of Russian refineries was about 4.2 million b/d. The total excess shutdown volume of the two was about 5.8 million b/d, which exceeded the 5 million b/d worst-case scenario hypothesis previously set by Goldman Sachs analysts in the September “Nightmare Refining Crisis” report.
Goldman Sachs believes that the global average retail fuel price is about 223 US dollars/barrel. Refined oil reserves are at a low level in all major hubs, and there is little room to cushion the impact on additional supply. Although European oil demand and US gasoline demand both fell by about 2% year on year, and demand-side damage was reflected in the data, inventories continued to decline, and supply-side war logic overwhelmed textbook-style demand responses. In this context, Goldman Sachs reiterated its proposal to increase European summer gasoline in 2027, characterizing it as a tool to hedge against further geopolitical escalation.