Huatai Securities: Raises Brent average price forecast for 2026 to $78

Golden Ten Data, March 11 – According to a research report by Huatai Securities, recent uncertainties in the situation in Iran have raised concerns about the global supply of oil, gas, and certain energy chemical products, triggering a global surge in energy chemical prices. The report notes: 1) With risk premiums and global strategic restocking correcting the supply-demand balance in the crude oil market, and assuming no long-term production obstacles in Middle Eastern oilfields, the Brent average price forecast for 2026 has been raised to $78/barrel, benefiting oil and gas extraction as well as coal-to-olefin sectors; 2) China's energy chemical industry chain demonstrates strong resilience, with short-term supply shocks having less impact than on overseas companies. After supply chain expectations stabilize, global restocking will help the chemical industry continue its recovery. Attention should be paid to leading enterprises with complete industry chains; 3) If international grain prices rise due to cost transmission, domestic amino acid companies are expected to benefit, and overseas gas-based urea companies may also see a reversal of their difficulties; 4) Demand-substitute categories are expected to gain longer-term development opportunities, including wind and solar energy storage, green hydrogen, biomanufacturing, and resource recycling.