SunSirs: Energy Industries Bulk Commodity Intelligence (June 5, 2026)

Macroeconomics

1. [Reverse Repo] The central bank will conduct a 500-billion-yuan outright reverse repo operation with a three-month term on June 5. With 800 billion RMB in three-month outright reverse repos maturing in June, the operation on June 5 will result in a net withdrawal of 300 billion RMB from the market; this marks the fourth consecutive month the central bank has rolled over three-month outright reverse repos with a reduced volume.

2. [US Initial Jobless Claims] US initial jobless claims rose by 13,000 last week to 225,000, exceeding economists' expectations and reaching the highest level since February of this year.

Energy

1. [Crude Oil] International crude oil futures closed lower on June 4. The settlement price for the July contract of US WTI crude oil futures was $93.04 per barrel, a drop of $2.98 or 3.1%. The settlement price for the August contract of Brent crude oil futures was $93.04 per barrel, a drop of $2.78 or 2.8%.

2. [Crude Oil] Shipping data and analysis from June 4 indicate that, due to US maritime blockades, Iran's crude oil and condensate exports in May fell to their lowest level in at least six years, dropping well below 300,000 barrels per day.

3. [Crude Oil] Nigeria's Dangote refinery has commenced construction on its second crude oil processing unit. This project will add 700,000 barrels per day of capacity, positioning the refinery to potentially rival the world's largest refining complexes.

4. [Coking Coal] On June 4, coking coal prices in the Anze market of Linfen rose by 120 RMB per tonne. The ex-factory cash price (tax-inclusive) for low-sulfur prime coking clean coal (specifications: A9, S0.5, V20, G85) reached 1,920 RMB per tonne.

5. [Petroleum Coke] On June 4, Zibo Xintai Petrochemical Co., Ltd. quoted petroleum coke at 4,203 RMB per tonne, an increase of 100 RMB per tonne from the previous trading day (specifications: sulfur 1.8, vanadium 127). The company produces 500 tonnes of petroleum coke daily, and shipments are proceeding normally.

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