SunSirs: Energy Industries Bulk Commodity Intelligence (December 25, 2025)

Macroeconomics

1. [Economic Policy] China's central bank's fourth-quarter meeting: Continue to implement a moderately loose monetary policy and strengthen counter-cyclical and cross-cyclical adjustments. The meeting pointed out that various tools will be comprehensively utilized to strengthen monetary policy regulation, and the intensity, pace, and timing of policy implementation will be carefully managed based on domestic and international economic and financial conditions and the operation of financial markets. Sufficient liquidity will be maintained to ensure that the growth of social financing and money supply matches the expected targets for economic growth and overall price levels, promoting low overall social financing costs.

2. [Electricity Consumption] National Energy Administration: In November, total electricity consumption across society was 835.6 billion kilowatt-hours, a year-on-year increase of 6.2%. Looking at electricity consumption by sector, the primary industry consumed 11.3 billion kilowatt-hours, a year-on-year increase of 7.9%; the secondary industry consumed 565.4 billion kilowatt-hours, a year-on-year increase of 4.4%, of which industrial electricity consumption increased by 4.6%, and electricity consumption in high-tech and equipment manufacturing increased by 6.7%; the tertiary industry consumed 153.2 billion kilowatt-hours, a year-on-year increase of 10.3%, of which urban and rural residential electricity consumption was 105.7 billion kilowatt-hours, a year-on-year increase of 9.8%.

3. [US Tariffs] The U.S. Trade Representative's office announced on December 23rd that it will impose tariffs on semiconductor products from China starting in June 2027, with the specific tariff rates to be announced at least one month in advance. The report stated that the U.S. claimed to have conducted a year-long investigation into the Chinese semiconductor industry.

4. [US Initial Jobless Claims] According to data from the U.S. Department of Labor, seasonally adjusted initial jobless claims for the week ending December 20th totaled 214,000, a decrease of 10,000 from the previous week, marking two consecutive weeks of decline and significantly lower than the market expectation of 224,000.

Energy

1. [Crude Oil] On December 24th, international crude oil futures remained largely stable. The settlement price of the February contract for US WTI crude oil futures was $58.35 per barrel, a decrease of $0.03 or 0.05%. The settlement price of the February contract for Brent crude oil futures was $62.24 per barrel, a decrease of $0.12 or 0.2%. 2. [Crude Oil] On December 24th, China's largest ultra-deep condensate gas field, the Bozi-Dabei gas field in the Tarim Oilfield, saw its annual natural gas production exceed 10 billion cubic meters, while also producing 918,900 tons of condensate oil.

3. [Crude Oil] Data released by the Petroleum Association of Japan (PAJ) on Wednesday showed that as of the week ending December 20th, Japan's commercial crude oil inventory was 9.9588 million kiloliters, a decrease of 264,762 kiloliters from the previous week's 10.2236 million kiloliters. Japan's commercial gasoline inventory was 1.7837 million kiloliters, an increase of 69,303 kiloliters from the previous week's 1.7144 million kiloliters.

4. [Crude Oil] On December 24th, local time, the Serbian oil company received a new special license from the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), extending the license until March 24, 2026. The new license allows the Serbian oil company to continue negotiations on the adjustment and sale of Russian-owned shares under the sanctions framework, providing time for further negotiations and resolution.

5. [Fuel Oil] In November 2025, China's fuel oil production was 3.312 million tons, basically unchanged year-on-year. Cumulative fuel oil production from January to November was 38.506 million tons, a decrease of 2.3% year-on-year.

6. [Petroleum Coke] In November 2025, China's petroleum coke production was 2.596 million tons, a decrease of 2.3% year-on-year. Cumulative petroleum coke production from January to November was 28.770 million tons, a decrease of 3.9% year-on-year.

7. [Petroleum Coke] On December 24th, Huaxiang Petrochemical's petroleum coke price was quoted at 2,750 RMB/ton, a decrease of 50 RMB/ton from the previous trading day, with a sulfur content of 2.7, a delayed coking unit capacity of 400,000 tons/year, and a daily output of 450 tons.

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