Sou Hu Cai Jing·2026-01-28 13:16Core Viewpoint - International oil prices have rebounded strongly, with Brent crude reaching a three-month high and WTI crude surpassing $62 per barrel, leading to increased activity in oil and gas stocks [1] Group 1: Market Performance - Oil and gas stocks saw significant gains, with PetroChina hitting the daily limit and CNOOC rising over 7%, setting new historical highs [1] - The oil and gas ETF, Huatai Securities (159309), surged over 4%, also reaching a historical high, with net subscriptions exceeding 90 million yuan during the day, following a total of over 150 million yuan in net inflows over the previous ten days [1] Group 2: Market Drivers - Multiple favorable factors are supporting the oil and gas market, including geopolitical tensions in Iran, a winter storm in the U.S. reducing daily oil production by up to 2 million barrels, and OPEC+ production cuts [5] - Demand-side factors include the initiation of global reserve accumulation, a Federal Reserve interest rate cut cycle boosting refined oil demand, and rising demand in Asia, Africa, and Latin America [5] - The U.S. dollar index hitting a four-year low further supports the rise in oil prices, which are priced in dollars [5] Group 3: Future Outlook - According to Huatai Securities research, geopolitical premiums have led to a rebound in oil prices during the off-season, with expectations for prices to bottom out and rise in Q2-Q3 of 2026 due to recovering demand and global reserve accumulation [5] - The oil and gas sector is viewed as a long-term investment opportunity, with the current geopolitical risks and short-term supply shocks creating favorable conditions for investment [5]