[Featured Stocks] Despite KOSPI's Samcheonpi Collapse, Oil and Natural Gas Stocks Rally

[Image source=AP Yonhap News]

[Asia Economy Reporter Park Ji-hwan] Despite the KOSPI falling below the 3000 mark for the first time in six months and the overall index struggling, stocks related to refining, petrochemicals, and gas are all surging. This is due to the continued strong rise in global crude oil and natural gas prices.

According to the Korea Exchange as of 11 a.m. on the 5th, Jungang Energyvis has reached the upper price limit at 25,400 KRW. At the same time, Korea Petroleum is also soaring by 7.14%.

On the 4th (local time), West Texas Intermediate (WTI) crude oil futures for November delivery surged $1.74 (2.29%) from the previous close to $77.62 per barrel. During the session, prices exceeded $78 per barrel, marking the highest level since 2014.

Following the rise in natural gas prices, related stocks are also soaring. Daesung Energy, which operates natural gas filling stations, is up 9.33%.