石化周报：过乌俄气运输即将关闭，关注后续气价走势

Investment Rating - The report maintains a "Buy" rating for the following companies: China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), China National Petroleum Corporation (PetroChina), New Natural Gas, and Zhongman Petroleum [2][21]. Core Insights - The report highlights the upcoming closure of Russian gas transit through Ukraine, which may lead to a tight gas supply situation in the EU, especially during the rapid withdrawal phase of gas inventory in January and February [1][18]. - Oil prices have shown slight fluctuations, with Brent crude futures settling at $74.17 per barrel, up 1.69% week-on-week, and WTI futures at $70.60 per barrel, up 1.64% week-on-week [19][62]. - The report notes a decrease in U.S. crude oil production to 13.59 million barrels per day, down by 20,000 barrels per day week-on-week, while refinery throughput increased to 16.82 million barrels per day, up by 210,000 barrels per day [19][20]. - The report emphasizes the widening price differentials in the polyester market, with significant changes in the ethylene/propylene/toluene and naphtha price spreads [20][21]. Summary by Sections Industry Investment Rating - CNOOC, PetroChina, Sinopec, New Natural Gas, and Zhongman Petroleum are recommended for investment due to their strong performance and potential for high dividends [2][21]. Market Overview - The petrochemical sector saw a 2.5% increase, outperforming the Shanghai Composite Index, which rose by 1.0% [25][27]. - The report indicates that the oil extraction sector had the highest weekly gain of 3.70% among sub-sectors [27]. Oil and Gas Price Performance - Brent crude futures increased by 1.69% week-on-week, while WTI futures rose by 1.64% [19][62]. - The NYMEX natural gas futures price closed at $3.64 per million British thermal units, down 2.91% week-on-week [60][62]. Company Dynamics - CNOOC, PetroChina, and Sinopec are highlighted for their strong dividend characteristics and low production costs, making them attractive investment options [21][22]. - The report also mentions various corporate actions, including share buybacks and stock purchases by major shareholders, indicating confidence in future growth [48][50][53].