Minsheng Securities·2025-06-07 10:23Investment Rating - The report maintains a "Buy" rating for key companies in the oil and gas sector, including China National Petroleum Corporation, China National Offshore Oil Corporation, Sinopec, New Natural Gas, and Zhongman Petroleum [6]. Core Views - Macroeconomic and geopolitical factors are driving a rebound in oil prices, with a focus on OPEC+'s actual production levels. The U.S. added 139,000 jobs in May, exceeding market expectations, and there are ongoing sanctions against Iran, which have made market shorts more cautious. Additionally, the number of U.S. oil rigs has decreased for six consecutive weeks, indicating potential production shortfalls [2][10]. - OPEC+ plans to increase production by 411,000 barrels per day from May to July, but the market has not fully priced in the impact of this increase. Monitoring OPEC+'s actual production in May and global demand during the summer is recommended [2][10]. Summary by Sections Oil and Gas Price Performance - As of June 6, Brent crude futures settled at $66.47 per barrel, up 4.02% week-on-week, while WTI futures settled at $64.58 per barrel, up 6.23% week-on-week [3][36]. U.S. Oil Supply - U.S. crude oil production reached 13.41 million barrels per day as of May 30, an increase of 10,000 barrels week-on-week. The number of active oil rigs in the U.S. decreased to 442, marking a decline of 19 rigs week-on-week, the largest drop in five years [3][11][53]. Inventory Levels - As of May 30, U.S. commercial crude oil inventories stood at 43.606 million barrels, down 4.3 million barrels week-on-week. Gasoline inventories increased by 522,000 barrels to 22.830 million barrels [4][12]. Investment Recommendations - The report suggests two main investment themes: 1. Oil prices have a solid floor, and companies with strong earnings certainty and high dividends, such as China National Petroleum Corporation, CNOOC, and Sinopec, are recommended. 2. With domestic encouragement for oil and gas exploration and production, companies like New Natural Gas and Zhongman Petroleum, which are in a growth phase, are also recommended [5][13]. Market Performance - As of June 6, the oil and petrochemical sector increased by 1.1%, outperforming the CSI 300 index, which rose by 0.9% [14][17].