SunSirs: Energy Industries Bulk Commodity Intelligence (September 24, 2025)

Macroeconomics

1. [Electricity Consumption] Data from the National Energy Administration showed that in August, total electricity consumption reached 1,015.4 billion kWh, a year-on-year increase of 5.0%. By industry, electricity consumption in the primary industry was 16.4 billion kWh, a year-on-year increase of 9.7%; in the secondary industry, 598.1 billion kWh, a year-on-year increase of 5.0%; in the tertiary industry, 204.6 billion kWh, a year-on-year increase of 7.2%; and in urban and rural areas, 196.3 billion kWh, a year-on-year increase of 2.4%.

2. [US PMI] The preliminary Markit Manufacturing PMI for the US in September was 52, marking the second consecutive month of expansion. The previous reading in August was 53, and the same period last year was 47.3.

3. [Eurozone PMI] The preliminary Eurozone Manufacturing PMI for September was 49.5, returning below the boom-bust line and falling short of analyst expectations and the previous reading of 50.7.

4. [UK PMI] The UK's preliminary manufacturing PMI for September unexpectedly slowed to 46.2, hitting a five-month low. The preliminary services PMI fell further than expected to 51.9, dragging the preliminary composite PMI down to a four-month low of 51.

5. [French PMI] France's manufacturing PMI fell from 50.4 in August to 48.1, breaking below the boom-bust line and hitting a three-month low.

6. [Germany PMI] Germany's manufacturing PMI fell further to 48.5 from 49.8 in August, hitting a four-month low.

7. [Sweden Rate Cut] The Swedish Central Bank announced a 25 basis point interest rate cut to 1.75%, the third rate cut this year, bringing the interest rate to its lowest level in three years.

Energy

1. [Crude Oil] On September 23, international crude oil futures closed higher. The November contract of U.S. West Texas Intermediate (WTI) crude oil futures settled at $63.41 per barrel, up $1.13, or 1.8%. Brent crude oil futures for December delivery settled at $66.97 per barrel, up $1.00, or 1.5%.

2. [Crude Oil] Kuwaiti Oil Minister Tarek Al-Rume said the country's crude oil production capacity has reached 3.2 million barrels per day, the highest level in more than a decade. Al-Rume stated that, in accordance with the agreement between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries, Kuwait plans to increase its daily crude oil production to 2.559 million barrels starting in October.

3. [LPG] On September 23, Shandong Jincheng Petrochemical Group Co., Ltd. raised its latest liquefied gas price by 10 RMB per ton to 4,550 RMB per ton. The company's daily production is approximately 200 tons, with low inventories.

4. [Coking Coal] On September 23rd, coking coal prices in the Jinzhong market rose by 10 RMB/ton. The ex-factory price for medium-sulfur coking coal grades A10.5, S1.3, V25, G80, CSR65, and lithofacies 0.15 was 1,260 RMB/ton, cash, tax included.

5. [Petroleum Coke] On September 23rd, Wantong Petrochemical's petroleum coke price was 2,020 RMB/ton, up 10 RMB/ton from the previous trading day. The sulfur content was 3.5%, the vanadium content was 500%, and the delayed coking unit had a capacity of 1.2 million tons/year and a daily output of 850 tons.

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