[Featured Stock] Jungang Energyvis Surges Amid Rising International Oil Prices

On the 14th, as international oil prices surged due to Russia's invasion of Ukraine, fuel price information was displayed at a gas station in Seoul where domestic gasoline prices are rising. Photo by Mun Honam munonam@

[Asia Economy Reporter Hwang Junho] As international oil prices surge, the stock price of Jungang Enervis is showing strength.

As of 10:03 AM on the 22nd, Jungang Enervis is trading at 33,850 KRW, up 9.55% from the previous closing price. The rise is analyzed to be a result of the increase in international oil prices. Founded in 1946, Jungang Enervis operates businesses such as petroleum product sales. It has contracts with SK Energy to sell regular fuels like gasoline and diesel, as well as LPG, at directly operated business sites in Seoul, Gyeonggi, and Incheon.

On the 21st (local time), at the New York Mercantile Exchange (NYMEX), the April West Texas Intermediate (WTI) crude oil closed at $112.12 per barrel, up $7.42 (7.1%) from the previous trading day. This is the highest price in about two weeks since the 8th. At the London ICE Futures Exchange, May Brent crude oil was recorded at $115.62 per barrel, up $7.69 (7.1%) from the previous trading day. It is analyzed that the news of the European Union preparing a 5th sanctions package including a ban on Russian oil imports, along with reports of Yemeni rebels attacking Saudi Arabian oil facilities, have had a combined impact.