SunSirs: Energy Industries Bulk Commodity Intelligence (June 4, 2026)

Macroeconomics

1. [Logistics Industry Prosperity Index] According to data from the China Federation of Logistics & Purchasing (CFLP), China's Logistics Industry Prosperity Index stood at 50.3% in May—an increase of 0.6 percentage points from the previous month—marking a return to the expansionary zone.

2. [U.S. Tariffs] The Trump administration has announced the imposition of additional tariffs on imports from 60 economies in response to their failure to effectively curb the importation of goods produced via forced labor. Under the USTR's proposal, goods from countries including Canada, Ecuador, the European Union, Indonesia, Mexico, Pakistan, Argentina, Bangladesh, Cambodia, El Salvador, Guatemala, Malaysia, and the United Kingdom will be subject to a 10% tariff; goods from the remaining 45 countries will face a higher tariff rate of 12.5%. This action comes as the 10% provisional tariffs, previously implemented by the Trump administration on February 20, are set to expire on July 24.

3. [U.S. ADP Employment] U.S. private-sector employment, as measured by the ADP National Employment Report, rose by 122,000 in May; this figure exceeded market expectations of 117,000 and the previous month's reading of 109,000.

4. [Bank of Japan] Bank of Japan Governor Kazuo Ueda stated that rising oil prices are highly likely to broadly push up overall price levels. He projected that Japan's Consumer Price Index (CPI) would accelerate significantly in fiscal year 2026 and indicated that the central bank would proceed with interest rate hikes at an appropriate time, based on economic and price trends. This statement has further reinforced market expectations that the Bank of Japan will raise interest rates at its policy meeting this month.

Energy

1. [Crude Oil] On June 3, international crude oil futures closed higher. The settlement price for the July contract of U.S. WTI crude oil futures stood at $96.02 per barrel, up $2.26 (or 2.4%). The settlement price for the August contract of Brent crude oil futures stood at $97.81 per barrel, up $1.81 (or 1.9%).

2. [Crude Oil] On June 3, the inventory report released by the U.S. Energy Information Administration (EIA) indicated that, for the week ending May 29, U.S. energy entities withdrew crude oil from the Strategic Petroleum Reserve (SPR) for the 10th consecutive week. This drawdown brought the total volume of oil in the SPR down to 357.1 million barrels—the lowest level recorded since January 2024.

3. [Crude Oil] EIA Data (June 3): For the week ending May 29, U.S. crude oil inventories saw a substantial decline of 7.974 million barrels (compared to market expectations of a 4 million barrel decline). Meanwhile, gasoline inventories rose by 3.364 million barrels and distillate fuel inventories increased by 1.502 million barrels; in both cases, these figures ran counter to market expectations of a decline.

4. [Crude Oil] On June 3, the Managing Director of the Kuwait Petroleum Corporation stated that, following the reopening of the Strait of Hormuz, it would take Kuwait approximately six to eight weeks to restore production levels to about 70% of normal capacity, while the remaining 30% would require an additional month or so to recover.

5. [Refined Oil] The current window for domestic refined oil price adjustments opened at 24:00 on June 4, signaling that retail prices for refined oil products are set to be lowered.

6. [Coking Coal] Since May 23, a total of 135 coal mines in Shanxi province—representing a combined annual production capacity of 153.7 million tons—have been suspended from operation. As of the morning of June 3, 59 of these mines (with a combined capacity of 77.65 million tons) had resumed production. Consequently, 77 mines (with a combined capacity of 76.05 million tons) remain in a suspended state.

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