SunSirs: Energy Industries Bulk Commodity Intelligence (May 12, 2026)

Macroeconomics

1. [Monetary Policy] The Central Bank has released its Report on the Implementation of China's Monetary Policy for the First Quarter of 2026. The report outlines a commitment to continue effectively implementing a moderately accommodative monetary policy. It emphasizes enhancing the forward-looking nature, flexibility, and targeted precision of policies; carefully calibrating the intensity, pace, and timing of policy implementation; strengthening the coordination and synergy between monetary and fiscal policies; and ensuring the smooth transmission of monetary policy mechanisms to foster stable economic growth and a reasonable recovery in price levels. The Central Bank pledges to flexibly utilize a diverse range of monetary policy tools to maintain ample liquidity and relatively accommodative social financing conditions. Furthermore, it aims to guide the reasonable growth of aggregate financing and the balanced distribution of credit, ensuring that the growth in the scale of social financing and the money supply aligns with the targeted objectives for economic growth and the general price level.

2. [Automotive Sector] According to the China Association of Automobile Manufacturers (CAAM), in April, my country's production and sales of new energy vehicles (NEVs) reached 1.32 million and 1.344 million units, respectively—representing year-on-year increases of 5.5% and 9.7%. Notably, NEV sales accounted for 53.2% of total new vehicle sales during the month. Regarding exports, NEV exports totaled 430,000 units, marking a 1.1-fold year-on-year increase.

3. [Indonesia Export Taxes] The Indonesian government has announced a temporary suspension of its previously planned new scheme to increase mining royalties and associated export taxes on mineral products. A final decision will be deferred until after the government has re-evaluated feedback received from various stakeholders and refined the underlying calculation formulas.

Energy

1. [Crude Oil] On May 11, international crude oil futures closed higher. The settlement price for the June contract of U.S. West Texas Intermediate (WTI) crude oil futures stood at $98.07 per barrel, an increase of $2.65 (or 2.8%). The settlement price for the July contract of Brent crude oil futures reached $104.21 per barrel, up $2.92 (or 2.9%).

2. [Crude Oil] A preliminary survey released on Monday indicates that U.S. crude oil inventories are expected to have declined last week, while stocks of both distillate fuels and gasoline are also projected to have fallen. On average, four analysts forecast that for the week ending May 8, U.S. crude oil inventories likely decreased by approximately 1.7 million barrels. Gasoline inventories are expected to have dropped by 2.6 million barrels, while distillate fuel inventories—including diesel and heating oil—are projected to have declined by roughly 3 million barrels.

3. [Crude Oil] The U.S. government announced on Monday that it will lend 53.3 million barrels of crude oil from the U.S. Strategic Petroleum Reserve (SPR) to energy companies; this move is part of a global agreement aimed at calming volatility in the oil market.

4. [Crude Oil] JPMorgan Chase projects that the average oil price in 2026 will be $96 per barrel, with prices for the second, third, and fourth quarters averaging $103, $104, and $98 per barrel, respectively.

5. [Crude Oil] A survey revealed that OPEC oil production declined further in April, falling to its lowest level in over two decades. The crude oil output of the 12 member nations of the Organization of the Petroleum Exporting Countries (OPEC) dropped by 830,000 barrels per day in April compared to the previous month, reaching 20.04 million barrels per day. Additionally, due to a revision in production estimates for Saudi Arabia, the production data for March was revised downward by 700,000 barrels per day.

6. [Natural Gas] Gassco, Norway's natural gas transmission operator, reported an unexpected, unplanned shutdown at the Hammerfest LNG facility; consequently, the average daily gas supply from the Melkøya field is expected to decrease by 18.4 million cubic meters between May 8 and May 13.

7. [Coking Coal] On May 11, coking coal prices in the Linfen market rose. In Yaodu District, the price for high-sulfur prime coking coal (specifications: A10.5, S4.1, G95) was set at 1,360 yuan per ton—an increase of 20 yuan per ton. In Fenxi, the price for high-sulfur fat coal (specifications: A12, S2.3, G95) was set at 1,190 yuan per ton—also an increase of 20 yuan per ton. These new prices took effect on May 11.

8. [Petroleum Coke] On May 11, Yaton Petrochemical issued a quoted price of 1,840 yuan per ton for petroleum coke—a decrease of 50 yuan per ton compared to the previous trading day. The product features a sulfur content of 4.0%; the facility utilizes a delayed coking unit with an annual capacity of 1.2 million tons and has a daily output of 850 tons.

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