U.S. Oil Surges Over 13% Intraday

“Affected by current international geopolitical events, international energy prices have experienced significant volatility, and expectations for price increases of related domestic products have intensified,” said Gao Shigang, Executive Director, Deputy Party Secretary, and President of China Coal Energy (601898), at the company’s earnings briefing. He stated that the company’s overall performance is expected to remain stable. He further projected that China’s coal market supply-demand balance may shift toward a tight equilibrium by 2026; the long-term contract mechanism for power coal supply security will continue to serve as a “ballast,” and spot coal prices are likely to trend upward overall, albeit with heightened range-based volatility.

On April 3, the Ministry of Industry and Information Technology and six other departments jointly issued the “Action Plan for Accelerating the Retrofit and Upgrading of Aging Facilities in the Petrochemical and Chemical Industry (2026–2029).” The plan specifies that, when evaluating the layout of major petrochemical projects, priority support shall be given to retrofit and upgrading projects for aging facilities in refining, ethylene, para-xylene (PX), methylene diphenyl diisocyanate (MDI), and coal-to-methanol production. Provincial departments of industry and information technology shall, in coordination with relevant provincial departments, establish and improve a “green channel,” strengthen factor guarantees, and streamline approval procedures—including project filing (or approval), environmental impact assessment, land use, water withdrawal, energy conservation review, carbon emission evaluation, and safety permits—to enhance review and approval efficiency and accelerate project implementation.

The main contract of Styrene (EB) rose 304.00 yuan during the day, now quoted at 10,435.00 yuan/ton, with a 3.00% increase.

、According to foreign media reports, U.S. crude oil futures experienced sharp volatility on Thursday, closing up more than 11%, while Brent crude prices surged nearly 8%. This followed U.S. President Trump’s statement on Wednesday that the United States would continue launching attacks against Iran, triggering traders’ concerns over potential prolonged disruptions to oil supplies. Trump indicated that the U.S. would intensify its military strikes against Iran but did not specify a timeline for ending the conflict nor disclose any measures that could lead to the reopening of the Strait of Hormuz. What traders are truly concerned about is that, if Iranian oil infrastructure is now at risk and further damage to the region is likely, the timeline for resuming oil transportation in the area could be further delayed—even if the infrastructure remains intact.

WTI crude oil surged over 13% intraday, continuing its short-term upward momentum, and is currently trading at $112.42 per barrel.