Minsheng Securities·2025-06-07 12:24Investment 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, China Petroleum & Chemical Corporation, New Natural Gas, and Zhongman Petroleum [6]. Core Insights - 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]. - As of June 6, 2025, the Brent crude oil 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. The NYMEX natural gas futures closed at $3.79 per million British thermal units, up 9.33% week-on-week [3][11][44]. - U.S. crude oil production increased to 13.41 million barrels per day, with refinery throughput rising to 17 million barrels per day. However, gasoline and distillate fuel oil production saw mixed results [11][12]. Summary by Sections Industry Dynamics - The oil and gas sector is experiencing a rebound in prices due to macroeconomic recovery and geopolitical tensions. OPEC+ plans to increase production by 411,000 barrels per day from May to July, but the market has not fully priced in these changes [2][10]. - The U.S. strategic oil reserves stood at 401.82 million barrels, with commercial crude oil inventories at 436.06 million barrels, reflecting a decrease of 4.3 million barrels week-on-week [12]. Company Performance - The report highlights the performance of key companies, recommending those with strong resource advantages and high dividend yields, such as China National Petroleum Corporation and China Petroleum & Chemical Corporation [5][13]. - The report also notes that the oil and gas sector has outperformed the broader market indices, with a 1.1% increase in the sector compared to a 0.9% increase in the CSI 300 index [14][17]. Price Trends - Oil prices have shown significant increases, with Brent and WTI prices rising by 4.02% and 6.23% respectively. Natural gas prices have also increased, with NYMEX futures up 9.33% [36][44]. - The report provides detailed price data, indicating that the Brent crude oil price is currently at $66.47 per barrel, while the NYMEX natural gas price is at $3.79 per million British thermal units [37][44].