Macroeconomics

1. [US Tariffs] The US Department of Commerce announced it will impose countervailing duties on crystalline silicon solar cell modules imported from India, Indonesia, and Laos, arguing that manufacturers benefit from government subsidies, weakening the competitiveness of US products. According to the preliminary ruling, the general subsidy rate for Indian producers/exporters is set at 125.87%, Indonesia at 104.38%, and Laos at 80.67%.

2. [US Tariffs] US Trade Representative Jamison Greer stated on February 25 that the US's "global import tariffs" on some countries will increase from the recently implemented 10% to 15% or higher, but he did not disclose any specific trading partners or other details.

3. [Thailand Interest Rate Cut] The Bank of Thailand announced on February 25 a 25 basis point cut to its policy rate to 1.00%, aiming to further support the economy facing multiple challenges. This is the bank's sixth rate cut since October 2024, with a cumulative reduction of 150 basis points.

Energy

1. [Crude Oil] On February 25th, international crude oil futures saw little change. US WTI crude oil futures closed lower, with the April contract settling at $65.42 per barrel, a decrease of $0.21 or 0.3%. Brent crude oil futures rose, with the May contract settling at $70.69 per barrel, an increase of $0.11 or 0.2%.

2. [Crude Oil] Data released by the US Energy Information Administration (EIA) on Wednesday showed that US crude oil inventories increased last week due to declining refinery utilization and increased crude oil imports. As of February 20th, US commercial crude oil inventories increased by 16 million barrels to 435.8 million barrels, the largest weekly increase since February 2023, compared to market expectations of a 1.5 million barrel increase. During the week, US gasoline inventories decreased by 1 million barrels to 254.8 million barrels, compared to market expectations of a 600,000 barrel decrease. Gasoline inventories in the US Midwest rose to their highest level since February 2024. Distillate fuel inventories, including diesel and heating oil, increased by 252,000 barrels to 120.4 million barrels, compared to market expectations of a 1.6 million barrel decrease.

3. [Crude Oil] According to sources, OPEC+ plans to increase production by 137,000 barrels per day in April, ending a three-month pause in production increases to prepare for the summer demand peak. Its eight core members will meet on March 1 to finalize the policy.

4. [Crude Oil] On February 26, data released by Japan's Ministry of Finance showed that Japan's crude oil imports after customs clearance in January were 13,688,222 kiloliters, equivalent to approximately 2,777,296 barrels per day, a 5.7% increase compared to the same period last year.

5. [LNG] The Director of the Oil and Gas Department of the National Energy Administration stated that oil and gas infrastructure connectivity will be strengthened in an orderly manner in 2026. Continue to improve the national natural gas trunk network, strengthen the comprehensive access of incremental imported gas, domestic large-scale bases, and large-scale gas storage facilities. Crude oil and refined oil pipelines will focus on localized optimization, while also considering the needs of green hydrogen, ammonia, and methanol pipeline transformation, promoting the integrated development of oil and gas pipeline networks with new energy and new business models.

6. [LNG] On February 25th, liquefied natural gas (LNG) prices in Inner Mongolia declined. Inner Mongolia Huanda LNG prices decreased by 20 RMB/ton, with the latest price at 2,750 RMB/ton; Xingxing Energy LNG prices decreased by 70 RMB/ton, with the latest price at 2,910 RMB/ton; Inner Mongolia Shitai LNG prices decreased by 100 RMB/ton compared to the previous price adjustment day, with the latest price at 3,100 RMB/ton.

7. [Petroleum Coke] On February 25th, Yatong Petrochemical's petroleum coke price was 2,430 RMB/ton, an increase of 30 RMB/ton compared to the previous trading day, with a sulfur content of 2.4%. The delayed coking unit has a capacity of 1.2 million tons/year and a daily output of 850 tons.

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