Energy/resource monthly (May 2026)

Research evidence excerpt

Energy/resource monthly (May 2026)

19 May 2026

Mizuho Securities Equity Research Cross-sector Research / Energy and Resources

Industry Overview

Crude still high at around $100/bbl on supply concerns despite ceasefire talks

Electric power, energy Summary

Senior Analyst: For the energy and commodity stocks under our coverage, the trading

Norimasa Shinya company index (down 3.2%), electric power & gas index (down 6.2%), oil

+81 3 6202 8313 & coal products index (down 7.9%), and mining index (down 11.3%) all

norimasa.shinya@mizuho-sc.com underperformed TOPIX (up 6.6%) in April. Oil trended around $100/bbl,

which was likely a tailwind for petroleum development, and we still need toTrading companies

monitor crude oil procurement trends for oil refiners. That said, according

Senior Analyst: to the government more than 70% of the June allocation had already been

Kanako Mizuno secured as of this point, compared to the previous year. When reporting

+81 3 6202 8130 earnings, some companies made better-than-expected comments about

kanako.mizuno@mizuho-sc.com the stability of their refinery operations. Trading companies: We continue

Electric power, energy to expect rising energy prices caused by the situation in the Middle East

to benefit the trading company sector (especially Mitsubishi and Mitsui).Analyst:

An increase in mineral resource prices will likely work as an upside risk toKanato Isobe

+81 3 6202 8140 trading companies’ seemingly conservative guidance.

kanato.isobe@mizuho-sc.com Crude oil, LNG, and domestic refining margins

The average price of Brent crude oil rose about 16% MoM to roughly $120/

bbl in April. While ceasefire talks are ongoing, supply concerns remain given

the large gap in stances between the US and Iran, which makes it difficult to