Macroeconomics

1. [US Tariffs] On January 29, US President Trump signed an executive order declaring a national emergency and threatening to impose ad valorem tariffs on goods imported from countries that supply oil to Cuba.

2. [Venezuelan Oil Law] It is reported that the Venezuelan National Assembly, the country's legislative body, passed a bill on January 29 reforming the oil law, including provisions allowing private and foreign investment in the Venezuelan oil industry.

3. [South African Auto Tariffs] South Africa is considering imposing tariffs of up to 50% on imported vehicles from China and India to counter the impact of the surge in low-priced imported vehicles on its domestic automotive industry in recent years.

Energy

1. [Crude Oil] On January 29, international crude oil futures rose sharply. The settlement price of the March contract for US WTI crude oil futures was $65.42 per barrel, an increase of $2.21 or 3.5%. The settlement price of the April contract for Brent crude oil futures was $69.59 per barrel, an increase of $2.22 or 3.4%.

2. [Crude Oil] On January 29, the US Treasury Department issued a general license authorizing certain transactions related to Venezuelan crude oil, allowing US companies to participate in the extraction, transportation, refining, and sale of Venezuelan crude oil under strict conditions.

3. [Crude Oil] Valero Energy said on Thursday that it has purchased Venezuelan crude oil from three sellers authorized by the US government and expects this grade of crude oil to account for a significant portion of the heavy crude oil feedstock at its refineries starting as early as next month.

4. [Coking Coal] On January 29, the price of coking coal in the Linfen Anze market fell by 10 RMB/ton. The ex-factory price of low-sulfur prime coking coal A9, S0.5, V20, G85 was 1,630 RMB/ton (cash, including tax).

5. [Petroleum Coke] On January 29, the price of petroleum coke at Shandong Tianhong Chemical Co., Ltd. was 2,070 RMB/ton, a decrease of 80 RMB/ton compared to the previous trading day.  ​​Sulfur content is approximately 4.2, with a 1.8 million tons/year delayed coking unit and a daily output of 1,000 tons of petroleum coke.

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