SunSirs: Energy Industries Bulk Commodity Intelligence (February 25, 2026)

Macroeconomics

1. [MLF] The People's Bank of China will conduct 600 billion RMB of MLF operations on February 25th. Given that 300 billion RMB of MLF matures this month, this means that the February MLF rollover will be 300 billion RMB more, marking the 12th consecutive month of increased rollovers. The increase is smaller than the 700 billion RMB in the previous month.

2. [Export Controls] The Ministry of Commerce issued an announcement on February 24th, deciding to add 20 Japanese entities to the export control list and another 20 Japanese entities to the watch list.

3. [Federal Reserve] Federal Reserve's Goolsby stated that the 3% inflation rate is not good enough and has not reached the established target. He emphasized that further interest rate cuts require progress in inflation.

4. [Bank of England] Bank of England Governor Bailey stated that as inflation is returning to the 2% target level on track, an interest rate cut is expected soon.

Energy

1. [Crude Oil] International crude oil futures closed lower on February 24th. The settlement price of the April contract for US WTI crude oil futures was $65.63 per barrel, down $0.68 or 1.0%. The settlement price of the May contract for Brent crude oil futures was $70.58 per barrel, down $0.53 or 0.8%.

2. [Crude Oil] On February 24, data released by the American Petroleum Institute (API) showed that US crude oil inventories increased last week, while gasoline and distillate inventories decreased. As of the week ending February 20, US crude oil inventories increased by 11.43 million barrels, gasoline inventories decreased by 1.54 million barrels, and distillate inventories decreased by 2.77 million barrels. Analysts had previously predicted that crude oil inventories would increase by approximately 1.5 million barrels, distillate inventories would decrease by approximately 1.6 million barrels, and gasoline inventories would decrease by approximately 600,000 barrels.

3. [Crude Oil] On February 24, the Hungarian oil group MOL stated on Tuesday that it is in contact with its Ukrainian partners but has not yet received official notification from Ukraine regarding the resumption of crude oil transportation through the "Friendship" pipeline. Last month, when Kyiv stated that Russian drone attacks on pipeline equipment in western Ukraine severed Russian oil shipments to Slovakia and Hungary via the "Friendship" pipeline.

4. [Crude Oil] Shanghai International Energy Exchange Daily Report on Medium-Sulfur Crude Oil Delivery Warehouses, February 24: The total number of medium-sulfur crude oil delivery warehouses was 2,557,000 barrels, a decrease of 907,000 barrels from the previous trading day. Among them, Sinochem Hongrun Weifang saw a decrease in warehouse receipts, while the number remained unchanged.

5. [LNG] The Inner Mongolia Hengkun LNG project has completed the pouring of the tank foundation roof slab. The roof slab has a diameter of 30.6 meters, a thickness of 0.9 meters, a formwork height of 3.15 meters, includes 286 embedded parts, and a pouring volume of approximately 650 cubic meters. After the completion and commissioning of all phases I and II of the project, the estimated annual output value will reach 3.5 billion RMB.

6. [LNG] On February 24, liquefied natural gas prices in Inner Mongolia declined. Inner Mongolia Huineng LNG prices decreased by 200 RMB/ton, with the latest price at 2,800 RMB/ton; Inner Mongolia Huanda LNG prices decreased by 520 RMB/ton, with the latest price at 2,950 RMB/ton; Xingxing Energy LNG prices decreased by 410 RMB/ton, with the latest price at 2,980 RMB/ton; and Inner Mongolia Shitai LNG prices decreased by 100 RMB/ton compared to the previous price adjustment day, with the latest price at 3,200 RMB/ton.

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