中国能源与化工- 一季度预览：上游业务与天然气GRM表现强劲-China Energy & Chemicals-1Q Preview Strong Upstream and GRM

March 29, 2026 08:09 PM GMT China Energy & Chemicals | Asia Pacific 1Q Preview: Strong Upstream and GRM We expect Sinopec to deliver a strong 1Q26 result, supported by upstream and strong refining dynamics. Elevated jet fuel and naphtha prices should offset inflation in freight and Arab light premium in April. PetroChina's upstream oil and entire gas supply chain should support a solid result. Key Takeaways Exhibit 1: Our new China GRM model closely aligns with the historical trend of Sinopec's refining and ...