Macroeconomics

1. [Manufacturing Sector Resists Overcompetition] The Ministry of Industry and Information Technology held its 18th manufacturing enterprise symposium.  Representatives from 12 companies in key industries such as steel, non-ferrous metals, new materials, automobiles, machinery, shipbuilding, light industry, pharmaceuticals, and electronics participated. The meeting emphasized actively participating in industry rule-making and self-regulatory mechanisms, and consciously resisting "overcompetition."

2. [US CPI] Data released by the US Department of Labor showed that the US Consumer Price Index (CPI) rose by 0.3% month-on-month in December 2025. Data for the previous two months was not released due to the federal government shutdown; the year-on-year CPI increase was 2.7%.

3. [Electricity Consumption] The US Energy Information Administration (EIA) predicts that US electricity consumption will increase by 1% in 2027, representing the first consecutive increase in electricity demand since 2007 and the strongest four-year growth period since 2000. The EIA added: "The main driver of this surge is the increasing demand from large data centers."

Energy

1. [Crude Oil] On January 13, international crude oil futures rose. The settlement price of the US WTI crude oil futures March contract was $60.93/barrel, an increase of $1.61 or 2.7%. The settlement price of the Brent crude oil futures March contract was $65.47/barrel, an increase of $1.60 or 2.5%.

2. [Crude Oil] On January 13, data released by the American Petroleum Institute (API) showed that US crude oil and refined product inventories increased last week. API data showed that in the week ending January 9, US crude oil inventories increased by 5.23 million barrels, gasoline inventories increased by 8.23 ​​million barrels, and distillate fuel inventories increased by 4.34 million barrels.

3. [LNG] Spanish energy company Enagas: In January, liquefied natural gas accounted for 62.5% of Spain's natural gas imports, and pipeline natural gas accounted for 37.5%.

4. [Petroleum Coke] On January 13, the price of petroleum coke from Qirun Petrochemical was 1,900 RMB/ton, a decrease of 50 RMB/ton compared to the previous trading day, with a sulfur content of 4.0. The delayed coking unit has a capacity of 1.6 million tons/year, with a daily output of 700 tons.

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