Macroeconomics

1. [Logistics Industry Prosperity Index] According to the China Federation of Logistics & Purchasing, the China Logistics Industry Prosperity Index in January was 51.2%, with the business volume index, new orders index, logistics service price index, fixed asset investment completion index, employment index, and business activity expectation index all above the 50% expansion threshold.

2. [Automobiles] According to preliminary statistics from the China Passenger Car Association, the estimated wholesale sales of new energy passenger vehicles in China in January were 900,000 units, a year-on-year increase of 1%. Of these, Tesla China's wholesale sales were 69,129 units, a year-on-year increase of 9.3%.

3. [US ADP Employment] US ADP employment increased by 22,000 in January, lower than the market expectation of 48,000.

4. [Eurozone CPI] The Eurozone's CPI only rose by 1.7% year-on-year in January, the lowest level since September 2024. Core CPI fell to 2.2%, the lowest since October 2021. Services inflation slowed to 3.2%. The market expects the European Central Bank to remain on hold this week.

Energy

1. [Crude Oil] On February 4th, international crude oil futures rose. The settlement price of the March contract for US WTI crude oil futures was $65.14 per barrel, an increase of $1.93 or 3.1%. The settlement price of the April contract for Brent crude oil futures was $69.46 per barrel, an increase of $2.13 or 3.2%.

2. [Crude Oil] The US Energy Information Administration (EIA) said on Wednesday that US crude oil and distillate inventories decreased in the week ending January 30th, while gasoline inventories increased, affected by winter storms sweeping across large parts of the United States. Crude oil inventories decreased by 3.5 million barrels last week to 420.3 million barrels, as crude oil production fell to its lowest level since November 2024. US gasoline inventories increased by 685,000 barrels last week to 257.9 million barrels, the highest level since June 2020. Distillate inventories, including diesel and heating oil, decreased by 5.6 million barrels to 127.4 million barrels. 3. [Crude Oil] On February 4th, a senior executive at Nigeria's Dangote Refinery stated that after completing planned maintenance, the refinery will begin full-capacity operation (650,000 barrels/day) in February 2026, a crucial step towards stable year-round operation.

4. [Crude Oil] India's crude oil imports from Russia continued to decline in January, extending the downward trend that began in December last year. Calculations show that India's crude oil imports from Russia in January decreased by approximately 12% compared to the daily average in December. December's imports had already decreased by approximately 22% compared to November's 1.38 million barrels/day.

5. [LNG] The first shipment of US liquefied natural gas (LNG) for 2026 has arrived in Ukraine, with nearly 100 million cubic meters of natural gas injected into the Ukrainian gas transmission system. Ukraine plans to purchase up to 1 billion cubic meters of LNG from the US throughout 2026, with the next shipment scheduled for delivery in February-March.

6. [LNG] On February 4th, LNG prices in Inner Mongolia rose. Inner Mongolia Huanda LNG increased by 80 RMB/ton, with the latest price at 3,820 RMB/ton; Xingxing Energy LNG increased by 40 RMB/ton, with the latest price at 3,680 RMB/ton; Inner Mongolia Shitai LNG increased by 60 RMB/ton compared to the previous price adjustment day, with the latest price at 3,740 RMB/ton.

7. [Petroleum Coke] On February 4th, Yiatong Petrochemical's petroleum coke price was 1,690 RMB/ton, an increase of 20 RMB/ton compared to the previous trading day. Sulfur content is 4.0, with a delayed coking unit capacity of 1.2 million tons/year and a daily output of 850 tons.

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