IEA Reports Highest Oil Inventory Increase Since 2020, Lowers 2026 Demand Forecast

On February 4, the main transformer expansion project of the 1000-kilovolt UHV substation in Nanchang has currently completed 40% of the total project volume, and both the equipment foundation pouring and the overhead framework hoisting operations are nearing completion. After the Spring Festival, equipment installation and commissioning work will be fully carried out to ensure the project is successfully completed and put into use in September this year. It is reported that this project is a key UHV main transformer project in Jiangxi Province's 14th Five-Year Plan. The construction scope includes adding one set of 3000 MVA main transformers, one set of 1000-kV switches, four sets of 500-kV switches, and four sets of low-voltage reactive power compensation devices, etc. The total project

This week, ferrous metals were in the doldrums. There were no significant macro disturbances during the week. The pullback in the US dollar index led to a rebound in nonferrous metals and the A-share market, but ferrous metals did not follow the trend noticeably. Instead, pressure from bears weighed on finished steel prices. On the spot market, most markets have already entered a holiday shutdown. Spot prices remained basically stable, while market transactions contracted sharply...