石油ETF（561360）午后领涨超1.3%，供需格局改善支撑油价

Group 1 - The core viewpoint of the article highlights that the oil ETF (561360) is leading with a rise of over 1.3% due to improved supply and demand dynamics supporting oil prices [1] - According to Shenwan Hongyuan Securities, the delay in OPEC+ production increases and peak shale oil output are contributing to a slowdown in supply growth [1] - On the demand side, the recovery of tariffs and improvement in the global macroeconomic environment are stabilizing and enhancing oil demand [1] Group 2 - The expectation is that oil prices will maintain a relatively loose pattern with stronger bottom support [1] - In the coal market, prices are expected to experience long-term bottom fluctuations, with gradual alleviation of pressure in the mid and downstream sectors [1] - In the natural gas sector, the U.S. is likely to accelerate the construction of natural gas export facilities, which may lead to a decline in imported natural gas costs [1] Group 3 - The oil and petrochemical industry's supply and demand dynamics are improving, benefiting the refining sector from alleviated cost pressures and steady demand recovery [1] - The trade segment is expected to continue recovering as global economic activities improve [1] - In the refrigerant sector, long-term contract prices for Q1 2026 are continuing to rise, driven by increased demand for R134a due to the penetration of new energy vehicles [1]