SunSirs: Energy Industries Bulk Commodity Intelligence (September 11, 2025)

Macroeconomics

1. [Small and Medium Enterprise Development Index] According to the China Association of Small and Medium Enterprises, China's Small and Medium Enterprise Development Index (SMEDI) was 89.1 in August, up 0.1 point from the previous month and higher than the same period last year.

2. [E-commerce Logistics Index] The China Federation of Logistics and Purchasing announced that China's e-commerce logistics index was 112.3 points in August, up 0.3 point from the previous month, continuing to hit a new high for the year. The e-commerce logistics index has risen for six consecutive months.

3. [US PPI] Data released by the US Bureau of Labor Statistics showed that the US PPI fell 0.1% month-on-month in August, the first negative result in four months, contrary to expectations of a 0.3% increase. It also rose 2.6% year-on-year, contrary to expectations of a flat 3.3%.

4. [Swiss National Bank] Swiss National Bank President Schlegel stated that the central bank would not shy away from lowering borrowing costs below zero if necessary. With only two weeks left before the quarterly interest rate decision, Schlegel emphasized that he and his colleagues are ready.

Energy

1. [Crude Oil] On September 10, international crude oil futures rose. The October contract for West Texas Intermediate (WTI) crude oil futures settled at $63.67 a barrel, up $1.04, or 1.7%. The November contract for Brent crude oil futures settled at $67.49 a barrel, up $1.10, or 1.7%.

2. [Crude Oil] On September 10, the U.S. Energy Information Administration (EIA) reported that U.S. crude oil and fuel inventories increased last week due to declining exports and demand. U.S. commercial crude oil inventories rose by 3.9 million barrels to 424.6 million barrels in the week ending September 5, compared with analysts' expectations for a decrease of 1 million barrels. Gasoline inventories rose by 1.5 million barrels to 220 million barrels last week, compared with expectations for a decrease of 243,000 barrels. Distillate inventories, including diesel and heating oil, rose by 4.7 million barrels to 120.6 million barrels, compared with expectations for an increase of 35,000 barrels.

3. [Crude Oil] Data from the Petroleum Association of Japan (PAJ) showed that as of the week ending September 6, commercial crude oil inventories in Japan decreased by 210,109 kiloliters to 10,502,185 kiloliters; gasoline inventories decreased by 35,264 kiloliters to 1,645,429 kiloliters; and kerosene inventories increased by 87,788 kiloliters to 2,698,626 kiloliters.

4. [Fuel Oil] On September 10, China Gas' Qingdao region quoted 180 cst low-sulfur fuel oil at 5,800 RMB/ton for self-delivery, a 50 RMB/ton increase from the previous trading day.

5. [Coking Coal] On September 10, the price of coking coal in the Yan'an Huangling market decreased by 20 RMB/ton. The truckload price for clean gas coal A8, S0.5, V33, and G65 is 840 RMB/ton, including tax, effective at midnight on September 11.

6. [Petroleum Coke] On September 10, Qirun Petrochemical quoted petroleum coke 4A at 1,490 RMB/ton, up 20 RMB/ton from the previous trading day. The sulfur content was 4.3, the vanadium content was 620, the delayed coking unit was 1.6 million tons/year, and the daily output was 700 tons.

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