SunSirs: Energy Industries Bulk Commodity Intelligence (September 3, 2025)

Macroeconomics

1. [Logistics Industry Business Climate Index] According to the China Federation of Logistics and Purchasing, China's logistics industry business climate index was 50.9% in August, up 0.4 percentage points from the previous month. The total business volume index remained in the expansionary range for six consecutive months, and the new orders index remained in the expansionary range for seven consecutive months.

2. [US ISM Manufacturing Index] The US ISM manufacturing index rose slightly to 48.7 in August from 48 in July, below the market expectation of 49, and remained below the boom-bust line for six consecutive months. The new orders index rose to 51.4, the first expansion since the beginning of the year. However, the output index fell 3.6 points to 47.8, falling back into contractionary territory.

3. [Eurozone CPI] The eurozone CPI rose 2.1% year-on-year in August, compared with expectations of a flat 2%. The core CPI fell slightly to 2.3% year-on-year, in line with market expectations. The closely watched service price increase slowed to 3.1%.

4. [ECB] Hawkish ECB Executive Board member Schnabel said the ECB should pause interest rate cuts as inflation risks are tilted to the upside.

5. [Bank of Japan] Bank of Japan Deputy Governor Yoshizo Himino stated that, given the improving economic and price trends, continuing to raise interest rates is an appropriate policy option. He emphasized that despite the Bank of Japan's three interest rate hikes, Japan's real interest rates remain significantly low due to persistent inflation, and there is still room for monetary policy normalization.

6. [South Korea CPI] South Korea's CPI rose 1.7% year-on-year in August, narrowing by 0.4 percentage points from the previous month and reaching its lowest level since November of last year.

Energy

1. [Crude Oil] On September 2, international crude oil futures rose. The October contract of U.S. WTI crude oil futures settled at $65.59 per barrel, up $1.58, or 2.5%. The November contract of Brent crude oil futures settled at $69.14 per barrel, up $0.99, or 1.5%.

2. [Crude Oil] Recently, US market participants stated that oil and gas projects in the US Gulf of Mexico (GOA) performed strongly in 2025. It is expected that after three new floating production units (FPUs) come online before the end of the year, US deepwater oil and gas production will reach a historic peak of nearly 2.2 million barrels of oil equivalent per day in 2026.

3. [Crude Oil] Recently, Alberta, Canada's major oil-producing province, announced that it is considering financial investments in Japan's refining industry to reduce its over-reliance on oil exports from the United States, its largest trading partner.

4. [Crude Oil] Recently, Norway's Equinor announced that its Rosebank oil field project has been suspended due to regulatory requirements for the resubmission of an environmental impact report including a full lifecycle carbon emissions assessment.

5. [Diesel] Recently, Indonesia urged the European Union to immediately remove its countervailing duties on imported biodiesel. This follows the World Trade Organization's support for several key claims in Indonesia's complaint to the agency.

6. [Coking Coal] Coal mines in the Pingyao area of ​​Jinzhong will suspend production from the evening of September 2nd to September 3rd, with an expected resumption date of September 4th. According to a survey, five coal mines with a total approved production capacity of 3.3 million tons have been shut down. According to the latest survey, this will impact daily raw coal production by 9,500 tons. The affected coal types are low-sulfur coking coal and medium-sulfur lean coal.

7. [Coking Coal] On September 2nd, online auction prices for coking coal in the QinRMB market in Changzhi fell. Low-sulfur lean coking coal A8, S0.5, and G65 started at 1,350 RMB/ton, with 28,000 tons sold at the reserve price, a decrease of 50 RMB/ton from the previous period on August 26th. The above prices are ex-factory prices, cash inclusive of tax.

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