德国布伦伯格银行预测石油板块将在2021年反弹

据道琼斯1月14日消息，德国布伦伯格银行表示，石油板块在去年跑输大盘，原因是宏观经济环境带来挑战，不过这种局面将在2021年改善。该行表示：“处于低位的天然气价格和疲弱的成品油与化工品利润率严重影响了利润和现金流的产生”。鉴于上半年是维持状态，并且中长期回报前景不确定，该行将英国石油公司(BP)与雷普索尔公司的评级都从买进下调至持有。不过，布伦伯格银行指出，美国以外的非欧佩克产油国的产量预计将在2021年下降，并且美国石油产量增长料将出现2017年以来首次低于需求的情况。该行预计炼油利润率的反弹将给石油板块带来额外的支撑。

唐绍红 摘译自 道琼斯

原文如下：

Oil Sector Set to Improve in 2021: Berenberg

The oil sector underperformed the market last year due to a challenging macro environment, but the picture brightens looking at 2021, says Berenberg. "Low gas prices and weak refining and chemicals margins significantly affected earnings and cash flow generation," says the bank, downgrading BP and Repsol to hold from buy, due to holding patterns in 1H and an uncertain medium-to-longer term returns profile, respectively. However, production from non-OPEC countries--excluding the U.S.--is expected to decline in 2021 and U.S. oil production growth to be below demand for the first time since 2017, Berenberg says, adding that it expects a recovery in refining margins to be "an additional tailwind for the sector."