Macroeconomics

1. [Automobiles] According to the China Association of Automobile Manufacturers (CAAM), China's automobile exports reached 672,000 units in February, a decrease of 1.4% month-on-month but an increase of 52.4% year-on-year. Among them, exports of new energy vehicles reached 282,000 units, a decrease of 6.6% month-on-month but an increase of 110% year-on-year; exports of traditional fuel vehicles reached 391,000 units, an increase of 2.8% month-on-month and an increase of 26.2% year-on-year.

2. [Automobiles] According to CAAM, in February, my country's automobile production and sales reached 1.672 million and 1.805 million units respectively, a decrease of 31.7% and 23.1% month-on-month, and a decrease of 20.5% and 15.2% year-on-year.

3. [US CPI] The latest US inflation data shows that the seasonally adjusted CPI rose 0.3% month-on-month and 2.4% year-on-year in February, while the core CPI rose 0.2% month-on-month and 2.5% year-on-year, both in line with market expectations. However, the market generally believes that the February data did not reflect the impact of the surge in oil prices caused by the Iranian situation, and more data is still needed to determine when the Federal Reserve will cut interest rates again.

Energy

1. [Crude Oil] On March 11, international crude oil futures rose sharply. The settlement price of the April contract for US WTI crude oil futures was $87.25 per barrel, up $3.80 or 4.6%. The settlement price of the May contract for Brent crude oil futures was $91.98 per barrel, up $4.18 or 4.8%.

2. [Crude Oil] The IEA said on Wednesday that its member countries agreed to release 400 million barrels of strategic petroleum reserves, the largest such move in its history, in an attempt to curb soaring crude oil prices during the US-Israel war against Iran.

3. [Crude Oil] US Energy Secretary Chris Wright said in a statement that 172 million barrels of oil will be released from the strategic petroleum reserve starting next week. Wright said that at the planned release rate, this work will take approximately 120 days to complete.

4. [Crude Oil] German Federal Minister for Economic Affairs and Energy, Katerina Reischer, stated on March 11 that Germany will release 19.51 million barrels of strategic oil reserves to alleviate upward pressure on oil prices, due to the surge in global energy prices caused by the US and Israeli military strikes against Iran.

5. [Crude Oil] On Wednesday, March 11, the UK announced that it would release strategic oil reserves in coordination with other International Energy Agency (IEA) member countries, with the UK releasing 13.5 million barrels.

6. [Crude Oil] On Wednesday, March 11, Japan's Ministry of Economy, Trade and Industry announced plans to release approximately 80 million barrels of oil from private and national oil reserves to help stabilize the global oil market and prevent supply shortages caused by the Iranian conflict.

7. [Gasoline] Data released by Japan's Ministry of Economy, Trade and Industry showed that as of March 9, retail gasoline prices in Japan rose by 3.3 yen to 161.8 yen per liter (approximately US$1.02). The data showed that gasoline inventories decreased by 4%, kerosene by 10%, diesel by 12%, while aviation fuel inventories increased by 4%. Refinery operating rates fell to 77.6% from 82.7% the previous week.

8. [Coal] The Indian government stated that total national coal stocks are approximately 210 million tons, enough to meet coal demand for about 88 days.

9. [Petroleum Coke] On March 11, Shandong Tianhong Chemical Co., Ltd.'s petroleum coke price was 2,700 RMB/ton, down 100 RMB/ton from the previous trading day, with a sulfur content of around 4.3%. The company's 1.8 million tons/year delayed coking unit produces 1,000 tons of petroleum coke per day.

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