[Featured Stock] S-Oil Hits Consecutive Record Highs Amid Rising Oil Prices

[Asia Economy Reporter Song Hwajeong] S-Oil has continued its strong performance for three consecutive days, setting new 52-week highs daily.

As of 9:30 AM on the 3rd, S-Oil was trading at 106,000 KRW, up 3,500 KRW (3.41%) from the previous day. During the session, it rose to 107,000 KRW, marking a new 52-week high.

The rise in international oil prices is interpreted as leading to the increase in S-Oil's stock price. On the 2nd (local time), the July West Texas Intermediate (WTI) crude oil price on the New York Mercantile Exchange closed at $68.83 per barrel, up $1.11 (1.6%) from the previous session. During the session, it reached $69.0 per barrel, the highest level since October 2018.

Lee Jinmyung, a researcher at Shinhan Financial Investment, said, "S-Oil's operating profit is expected to turn around to 2 trillion KRW this year," adding, "Refining operating profit of 914.2 billion KRW will drive earnings growth." The researcher also stated, "With significant upside potential in the refining sector, S-Oil is expected to be the biggest beneficiary among domestic refiners due to the recovery in the industry conditions."