Macroeconomics

1. [Mexico Tariffs] The Mexican government has officially announced the formal incorporation of temporary tariff measures into its *General Import and Export Tax Law*. These measures impose additional import duties on goods originating from countries with which Mexico has not signed a free trade agreement. The scope covers 1,463 specific tariff codes, with rates reaching as high as 50%. As a major source of imports for Mexico, China has been designated as a key target of these adjustments, with applicable tariff rates raised to a range of 35% to 45%.

2. [U.S. Trade Investigations] The United States is set to launch two new trade investigations into "industrial overcapacity" involving 16 major trading partners, including China. According to officials from the Office of the U.S. Trade Representative (USTR), these investigations could potentially lead to the imposition of new tariffs.

3. [U.S. Initial Jobless Claims] In the U.S. last week, the number of initial claims for unemployment benefits edged down by 1,000 to 213,000—a figure slightly lower than market expectations.

Energy

1. [Crude Oil] On March 12, international crude oil futures surged significantly. The settlement price for the April contract of U.S. WTI crude oil futures closed at $95.70 per barrel, marking an increase of $8.48 (or 9.7%). Meanwhile, the settlement price for the May contract of Brent crude oil futures closed at $100.46 per barrel, up $8.48 (or 9.2%).

2. [Crude Oil] On March 12, Norway's state-owned energy company, Equinor, began preparations to commence drilling operations at the Rosebank oil field located west of the Shetland Islands. This development marks a key milestone for one of the largest undeveloped oil and gas projects on the UK Continental Shelf.

3. [Crude Oil] On March 12, French energy giant TotalEnergies stated on its investor website that, due to the conflict involving the U.S., Israel, and Iran, oil and gas fields across several Middle Eastern regions—including the UAE, Qatar, and Iraq—have experienced production shutdowns. Consequently, the company reported a 15% reduction in its overall oil and gas output.

4. [Gasoline & Diesel] On March 11 (local time), the latest data from the American Automobile Association (AAA) revealed that the average price of gasoline in the U.S. rose to $3.58 per gallon (approximately 6.4 RMB per liter)—marking its highest level in over 21 months. The average price of diesel in the U.S. rose by 5 cents to $4.89 per gallon, marking a cumulative increase of 79 cents over the past week.

5. [Coking Coal] According to the latest data from India's Ministry of Coal, India's coal production (excluding lignite) in February 2026 totaled 100.51 million tonnes—a month-on-month decrease of 6.9% and a year-on-year increase of 2.29%. Of this total, coking coal production amounted to 7.01 million tonnes, accounting for 7% of the output. For the January–February 2026 period, India's cumulative coal production (excluding lignite) reached 208 million tonnes, representing a year-on-year increase of 2.82%.

6. [LPG] On March 12, Qingdao Refining & Chemical lowered the price of its residential-grade LPG by 400 RMB/tonne to 6,050 RMB/tonne. The facility is operating normally, with a daily output of approximately 1,000 tonnes and inventory levels remaining under control.

7. [Petroleum Coke] On March 12, Yattong Petrochemical quoted its petroleum coke at 1,950 RMB/tonne—a decrease of 150 RMB/tonne compared to the previous trading day. The product features a sulfur content of 3.7%; the company's delayed coking unit has an annual capacity of 1.2 million tonnes, with a daily output of 850 tonnes.

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