SunSirs: Energy Industries Bulk Commodity Intelligence (December 4, 2025)

Macroeconomics

1. [US ADP Employment Change] US ADP employment fell by 32,000 in November, the lowest level since March 2023, compared to a forecast of an increase of 5,000 and a previous increase of 42,000.

2. [Eurozone PMI] The final Eurozone Composite PMI for November was revised upward to 52.8, a 30-month high. The Services PMI rose to 53.6, the highest level since May 2023, with new business growth at its fastest pace in 18 months.

Energy

1. [Crude Oil] On December 3, international crude oil futures closed higher. The January contract for US WTI crude oil futures settled at $58.95 per barrel, up $0.31 or 0.5%. The February contract for Brent crude oil futures settled at $62.67 per barrel, up $0.22 or 0.4%.

2. [Crude Oil] On December 3, data released by the U.S. Energy Information Administration (EIA) showed that U.S. commercial crude oil, gasoline, and distillate fuel inventories all increased last week. As of the week ending November 28, U.S. crude oil inventories increased by 574,000 barrels to 427.5 million barrels. Analysts had expected a decrease of 800,000 barrels. Gasoline inventories increased by 4.518 million barrels to 214.42 million barrels, compared to analysts' expectations of an increase of approximately 1.5 million barrels; distillate fuel inventories, including diesel and heating oil, increased by 2.1 million barrels to 114.3 million barrels, compared to analysts' expectations of an increase of approximately 700,000 barrels.

3. [Crude Oil] On December 3, EU officials announced that the EU has committed to phasing out all remaining Russian oil imports by the end of 2027 and will "never again" rely on the Kremlin's energy. The European Commission stated in a statement that, as part of a series of measures aimed at severing ties with the former supplier's remaining energy needs, the Commission will propose legislation early next year to ban the import of Russian oil.

4. [Crude Oil] On December 3rd local time, Hungarian Foreign Minister Szijjártó stated in Brussels that Hungary cannot accept and implement the EU's decision to gradually cease energy imports from Russia. Without Russian energy supplies, Hungary's energy supply cannot be guaranteed. Szijjártó also stated that Hungary will file a legal action against the decision, and Hungary and Slovakia will jointly file a lawsuit in the European Court of Justice.

5. [Crude Oil] On December 3rd, CNOOC announced that the Weizhou 11-4 oilfield adjustment and enclosure development project has commenced production. It is expected to achieve a peak daily production of approximately 16,900 barrels of oil equivalent by 2026, with the oil being light crude oil.

6. [Crude Oil] Changqing Oilfield's annual oil and gas equivalent production has exceeded 60 million tons. This marks the sixth consecutive year of maintaining this high production level since Changqing Oilfield became my country's first 60 million-ton-level super-large oil and gas field in 2020.

7. [Fuel Oil] Several airlines will raise their fuel surcharge standards starting at midnight on December 5th. Following this adjustment, the domestic fuel surcharge standards are as follows: RMB 20 for adult passengers on routes of 800 kilometers (inclusive) or less; RMB 40 for adult passengers on routes over 800 kilometers, representing increases of RMB 10 and RMB 20 respectively compared to the previous adjustment. This is the third increase this year.

8. [Petroleum Coke] On December 3rd, Huaxiang Petrochemical quoted petroleum coke at RMB 2940/ton, an increase of RMB 60/ton compared to the previous trading day, with a sulfur content of 2.9%. The delayed coking unit has a capacity of 400,000 tons/year and a daily output of 450 tons.

9. [Coking Coal] On December 3rd, the price of coking coal in the Yan'an Huangling market decreased by RMB 40/ton. The ex-works price for gas-refined coal (A7, S0.5, V33, G70) is RMB 900/ton (cash, including tax), effective from 00:00 on December 4th.

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