Macroeconomics

1. [Electricity] Data released by the National Energy Administration shows that as of the end of 2025, the cumulative installed power generation capacity nationwide reached 3.89 billion kilowatts, a year-on-year increase of 16.1%. Of this, solar power generation capacity reached 1.2 billion kilowatts, a year-on-year increase of 35.4%; and wind power generation capacity reached 640 million kilowatts, a year-on-year increase of 22.9%.

2. [Federal Reserve Interest Rates] On January 28, local time, the latest minutes of the Federal Open Market Committee (FOMC) monetary policy meeting showed that the Federal Reserve decided to maintain the target range for the federal funds rate at 3.5% to 3.75%.

3. [Bank of Japan] The Bank of Japan's meeting minutes showed that if the outlook is in line with expectations, it would be appropriate to continue raising interest rates. Committee members unanimously agreed that even if the Bank of Japan raises interest rates at this meeting, the monetary policy environment will remain accommodative.

Energy

1. [Crude Oil] On January 28, international crude oil futures rose. The settlement price of the March contract for WTI crude oil futures was $63.21 per barrel, an increase of $0.83 or 1.2%. The settlement price of the April contract for Brent crude oil futures was $67.37 per barrel, an increase of $0.78 or 1.2%.

2. [Crude Oil] On January 28, the inventory report released by the U.S. Energy Information Administration (EIA) on Wednesday showed that in the week ending January 23, U.S. crude oil inventories decreased by 2.295 million barrels to 423.754 million barrels. Analysts had expected an increase of 1.8 million barrels. U.S. gasoline inventories increased by 223,000 barrels to 257.213 million barrels, while analysts expected an increase of 1 million barrels, marking the 11th consecutive week of increases. Distillate fuel inventories, including diesel and heating oil, increased by 329,000 barrels to 132.921 million barrels, the highest level since January 2024. Analysts had expected a decrease of 600,000 barrels.

3. [Crude Oil] On January 28, U.S. crude oil and natural gas producers were gradually resuming well operations on Wednesday after a severe cold storm that swept across the United States last week severely impacted energy infrastructure and the power grid. According to estimates by consulting firm Energy Aspects, current US domestic crude oil production is down by approximately 600,000 barrels per day compared to normal levels, representing about 4% of total production, while the highest production loss reached 2 million barrels per day last Saturday.

4. [Crude Oil] On January 28, two reports indicated that Pemex's Olmeca refinery began restarting operations on Tuesday after being shut down due to a power outage on Monday. ​​Data shows that in December 2025, the refinery processed 263,402 barrels of crude oil per day, the highest level since it began operations.

5. [Crude Oil] On January 28, energy flow tracking company Vortexa stated in a report that India is on track to set a new historical record for crude oil and condensate imports in January, with expected imports of 5.2 million barrels per day this month, as refiners increased purchases of non-Russian oil to replace Russian crude lost due to US sanctions.

6. [Crude Oil] In 2025, China's crude oil imports reached 578 million tons, a year-on-year increase of 4.4%, with December imports reaching a record high of 55.97 million tons.

7. [LNG] On January 26, a liquefied natural gas (LNG) project with an annual production capacity of 850,000 tons officially landed in Yuanzhou District, Guyuan City, Ningxia Hui Autonomous Region. The total investment is 1.35 billion yuan, with construction planned to start in April 2026 and production to begin in December 2027.

8. [Petroleum Coke] On January 28, Yiatong Petrochemical's petroleum coke price was 1,800 yuan/ton, a decrease of 20 yuan/ton compared to the previous trading day, with a sulfur content of 4.0. The delayed coking unit has a capacity of 1.2 million tons/year and a daily output of 850 tons.

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