According to the National Energy Administration, during this Labour Day holiday, NEVs were charged a total of 3.9784 million times on expressways, with total charging volume reaching 94.9314 million kWh. The daily average charging volume was 18.9863 million kWh, up 52.8% YoY, and 2.34 times the regular daily level this year.

[SMM HRC Daily Trading] On May 7, the combined daily trading volume of HRC from SMM's sample enterprises across four cities (Shanghai, Lecong, Tianjin, Ningbo) totaled 16,260 mt, down 1,000 mt DoD (-5.8%), up 65.75% YoY (solar calendar), and up 46.09% YoY (lunar calendar).

On May 7, 2026, the iron ore market showed a volatile but strengthening trend with intense trading activity. The main contract I2609 finally closed at 817 yuan/ton, up 0.62% from the previous trading session.

On May 7, 2026, iron ore futures fluctuated upward with intense trading, and the most-traded contract I2609 closed at 817 yuan/mt, up 0.62% from the previous trading session. Port spot prices were basically flat compared to the previous day. Traders showed moderate quoting activity, and steel mills remained cautious in procurement; overall spot transaction sentiment was lukewarm. Currently, iron ore supply-demand fundamentals remain stable. However, oil prices transmitted through the shipping market, leading to a significant rise in iron ore freight costs today, further supporting iron ore prices. In addition, reports indicated that the US and Iran are negotiating on resolving conflicts and reopening the Strait of Hormuz, with oil prices having fallen for three consecutive days. This news may boost market sentiment in the short term, providing positive sentiment-driven support for iron ore prices.

SMM News Flash: Indian steel mills sold around 200,000 tonnes of HRC at 580-600 USD/tonne CFR Vietnam since mid-April, while current SAE-grade offers increased to 600-610 USD/tonne CFR Vietnam. The higher offers reflect firmer regional pricing and tightening availability following previous transactions. Market sentiment is firm but cautious, with buyers becoming more resistant at elevated price levels.

[China Iron Ore Brief] Iron ore concentrates prices in west Liaoning remained relatively stable, with the current ex-factory price of 66-grade iron ore concentrates at 740 yuan/mt on a wet basis and tax-exclusive. On the mines and beneficiation plants side, the impact of safety and environmental protection inspections persisted, and overall iron ore concentrates resources remained relatively tight. On the steel mills side, most steel mills maintained normal production as planned, while individual steel mills recently began maintenance on their pellet plants, affecting demand for iron ore concentrates

[TCs Continued to Decline, SHFE Zinc Fluctuated at Highs]: The most-traded SHFE zinc 2606 contract opened at 24,200 yuan/mt. After the opening, SHFE zinc fluctuated around the daily average line, touching a low of 24,105 yuan/mt during the session and reaching a high of 24,305 yuan/mt near the close, ultimately closing higher at 24,285 yuan/mt.

[SMM Coking Coal and Coke Daily Brief] Supply side, coking costs increased, squeezing coke enterprise profits. Currently, coke enterprises maintained normal shipments, with their own coke inventory at low levels, and coke production levels were generally stable with slight increases. Demand side, steel mills currently had high production enthusiasm, hot metal production declined slightly but remained at a relatively high level, sustaining rigid demand for coke. Additionally, finished steel prices rose notably after the holiday, expanding steel mill profits. In summary, the third round of coke price increase has not yet been implemented, with coke and steel enterprises continuing to negotiate. In the short term, the coke market is expected to hold up well, remaining generally stable with slight rise.

Capacity side, according to incomplete statistics, China's alkaline electrolyzer market remained at 43.77 GW, and the PEM electrolyzer market remained at 2.7 GW. This week, no offline public delivery data was available. Project-related updates: Heilongjiang Jiayirongyuan Green Chemical Co., Ltd.: China Chemistry Tianchen Company signed an EPC general contracting contract with Heilongjiang Jiayirongyuan Green Chemical Co., Ltd., a subsidiary of Jiaze New Energy, for the 300,000 mt green hydrogen-methanol-aviation fuel chemical co-production project in Jidong County, Jixi City, Heilongjiang Province. The project has a total investment of approximately 3.557 billion yuan and is a key project under the national "dual carbon" strategy. Using agricultural and forestry waste as raw material and adopting biomass gasification and cellulose fermentation technologies, the project plans to produce 240,000 mt of green methanol and 80,000 mt of green ethanol annually, with flexible switching to 50,000 mt/year of sustainable aviation fuel (SAF). The project plans to commence production by the end of 2027, consuming over 1.5 million mt of agricultural and forestry waste annually. Shandong Expressway Service Development Group Co., Ltd.: The PEM electrolysis hydrogen production and energy storage section of the Phase II comprehensive utilization project at Gaomi Service Area Hydrogen Refueling Station released its bid-winning announcement, with Guofu Hydrogen Energy winning the bid at 21.2724 million yuan. The project is part of the Ministry of Science and Technology's "Hydrogen into Homes" demonstration program, undertaken by Shandong Expressway Service Development Group, and is located in the south area of Gaomi Service Area, aiming to build an integrated demonstration station for PV hydrogen production and hydrogen refueling. The project comprises three segments: alkaline hydrogen production, PEM hydrogen production and energy storage, and hydrogen refueling station. Currently, the alkaline hydrogen production section has been completed, and the hydrogen refueling station is under construction. The PEM hydrogen production capacity in this phase is 100 Nm³/h with a rated power of 200 kW, equipped with electrolysis skids, compressors, hydrogen storage cylinder groups, and control systems. The designed construction period is 120 days, and the project will improve the green electricity hydrogen production and energy storage facilities at the expressway service area, supporting the construction of zero-carbon hydrogen expressways. Mingtuo (Inner Mongolia) Comprehensive Resource Utilization Co., Ltd.: The e-SAF (electro-sustainable aviation fuel) project officially received filing approval. The project is located in Jiuyuan Industrial Park, Baotou City, on an industrial planning plot north of Mingtuo Chromium Industry's plant and west of Hengtai Road, with a total investment of 1.8 billion yuan. The plan is to build a 150,000 mt/year electro-sustainable aviation fuel production line, along with supporting facilities including gas pretreatment, synthesis, hydrorefining, fractionation, tank farms, pump stations, and related auxiliary facilities. The project plans to start construction in April 2027 and be completed and put into operation in April 2029. Xinjiang Shengxiong Energy Co., Ltd.: The EPC project for the 5,000 Nm³/h waste coal gas green hydrogen extraction and comprehensive utilization by Xinjiang Shengxiong Energy has fully completed construction tasks, with the full-process commissioning successfully completed in one run, and is now officially ready for production and operation. The project adopts advanced green hydrogen extraction technology, using industrial waste coal gas as raw material to achieve efficient resource conversion of tail gas and produce high-purity clean hydrogen energy. After commissioning, it can extend the coal chemical industry chain, improve the utilization rate of industrial by-product resources, reduce pollutant emissions, and provide a stable hydrogen source for the enterprise's methanol units, achieving synergistic improvement in economic, ecological, and social benefits. Wolong Innorde (Zhejiang) Hydrogen Energy Technology Co., Ltd.: The company successfully won the bid for the Binyang County, Guangxi green electricity hydrogen production pilot construction project (100 Nm³/h AEM hydrogen production equipment) and has officially signed the contract, marking an important breakthrough in the company's market expansion in the green electricity hydrogen production field and laying a solid foundation for further business development in the South China region. The project was initiated by Kunpeng Water, a Guangxi local state-owned enterprise, and is the first AEM technology green electricity hydrogen production project in Guangxi. It completed filing in March 2026 and aims to leverage green electricity resources to conduct hydrogen production pilot trials, supporting regional energy structure transformation and industrial decarbonization. Wuhan Institute of Rock and Soil Mechanics, Chinese Academy of Sciences: China's first million-cubic-meter-level salt cavern hydrogen storage demonstration project, led by the institute, was officially put into operation in Pingdingshan City, Henan Province. The project is China's first hydrogen storage facility built in bedded salt rock formations, which explored the multi-scale migration patterns of hydrogen in ultra-low permeability rock salt, overcame the core technology of precise site and layer selection for salt cavern hydrogen storage, and effectively verified the long-term sealing performance and engineering feasibility of hydrogen storage in bedded salt rock. Baimahu Laboratory Hydrogen Energy (Changxing) Co., Ltd.: The Baimahu Laboratory Changxing Hydrogen Energy Base liquid hydrogen test platform installation and commissioning project released a tender announcement. The project is located in Meishan Town, Changxing County, Huzhou City, with a total estimated investment of 310 million yuan and a land area of 68 mu. The project budget is 55.0906 million yuan, with construction and installation costs of approximately 51.1045 million yuan, and will build testing platforms for key equipment such as liquid hydrogen valves, storage tanks, and flow meters. The tender scope covers process, electrical, automation control, and equipment installation and commissioning. The planned construction period is 210 calendar days, and consortium bidding is allowed (no more than 2 members). Xindao Hydrogen Energy Technology (Baotou) Co., Ltd.: The Guyang County 200,000 mt/year hydrogen-based green fuel (green methanol) off-grid green electricity direct-connection project officially commenced construction. Located in Jinshan Economic Development Zone, Guyang County, Baotou City, the project is Xindao Energy's first demonstration project in the hydrogen-based green fuel field, with a total investment of 5.1 billion yuan, covering 600 mu. It will be built in three phases, with full completion and commissioning planned for 2028. The energy side is configured with 390 MW off-grid wind power and 100 MW off-grid PV, coupled with biomass waste heat power generation and flywheel energy storage, building an integrated "electricity-hydrogen-carbon-methanol" system to address the challenges of off-grid green electricity fluctuations and stable operation of chemical units, achieving efficient green methanol synthesis. Shenneng Northern (Etuoke Front Banner) Energy Development Co., Ltd.: The electrolysis hydrogen production station project for the Etuoke Front Banner wind and solar power hydrogen production integrated green ammonia synthesis project completed filing. The project is located in the Energy and Chemical Zone of Shanghaimiao Economic Development Zone, Etuoke Front Banner, Ordos City, with clearly defined boundaries and a total investment of 1.3265 billion yuan. The project plans to build a water electrolysis hydrogen production station with an annual output of approximately 20,000 mt of green hydrogen, using PEM proton exchange membrane electrolyzers as the primary equipment, supplemented by ALK alkaline electrolyzers and AEM anion exchange membrane electrolyzers. This approach integrates the advantages of multiple technology pathways to adapt to the fluctuation characteristics of new energy power. Supporting facilities including gas-liquid separation, hydrogen purification, hydrogen storage, water treatment, step-down substations, and fire safety and security systems will also be constructed. After completion, the station will operate in strict compliance with renewable energy hydrogen production industry safety standards. The project plans to commence construction in December 2026 and be completed in December 2028. Goldwind Green Energy Hydrogen Technology (Xing'an League) Co., Ltd.: The Xing'an League Goldwind Science&Technology Wind Power Hydrogen Production (Phase III) Project officially obtained filing approval. Located in the Xing'an League Economic Development Zone of Inner Mongolia, the project has a total investment of 2 billion yuan. The project mainly involves the construction of hydrogen production, compression, gas storage, air separation units, and related supporting facilities, with a hydrogen production capacity of 160,000 standard cubic meters per hour. Construction plans to commence in September 2026, with completion and commissioning in September 2028. Inner Mongolia Huadian Huayang Hydrogen Technology Co., Ltd. : The Inner Mongolia Huadian Damaoqi 1 million kW Wind and Solar Power Integrated Hydrogen Production Project released a tender announcement for technical services on a special study on short-circuit ratio improvement. Located in Damaoqi, Baotou City, Inner Mongolia, the first phase plans to build 1 million kW of new energy installed capacity, including 700 MW of wind power and 300 MW of PV, equipped with 70 units of 10 MW wind turbines and 710-740Wp half-cell double-glass N-type PV modules. The project will also construct a 100MW/200MWh LFP battery ESS power station, two 220 kV step-up substations, and collector lines. Multiple alkaline electrolyzer hydrogen production systems are planned, with an annual green hydrogen production capacity of 47,000 mt, supported by 25 units of 2,000 m³ hydrogen gas spherical tanks with a hydrogen storage capacity of 650,000 standard cubic meters, along with a new 220 kV hydrogen production main step-down substation. The tendered services are required to be completed within 45 days from the date of contract signing. Jiangsu Lanze Energy Technology Co., Ltd.: The Dafeng District Bureau of Natural Resources and Planning released a pre-approval public notice for the Lanze Dafeng Port 300,000 mt/year green methanol project. The project is located in the Petrochemical Industrial Park of Dafeng Port Economic Development Zone, Dafeng District, Yancheng City. This public notice mainly involves minor adjustments and optimizations to the dimensions, areas, names, and heights of certain buildings and structures. Beijing Hydrogenergy Technology Co., Ltd. : The company won the bid for the PEM pure water electrolysis hydrogen production equipment procurement project of the Electric Power Research Institute of State Grid Jiangxi Electric Power Co., Ltd., responsible for equipment production, supply, transportation, and subsequent supporting services. The PEM hydrogen production unit awarded in this bid will be used to verify the response characteristics of PEM hydrogen production systems under green electricity fluctuation conditions, accumulating measured operational data for flexible load regulation of the power grid. As one of the earliest PEM hydrogen production research-type units deployed in the Jiangxi power grid system, this project will also provide important technology selection references for the subsequent construction of regional hydrogen energy storage demonstration stations. Datang Jingtai Wind Power Co., Ltd.: Datang released a tender announcement for technical services on the preparation of a feasibility study report for a wind-solar coupled off-grid hydrogen production demonstration project, located in Baiyin District, Baiyin City, Gansu Province. The project plans to build a new 21 MW wind-solar coupled hydrogen production power station, including 14 MW of wind power and 7 MW of PV, with a supporting 5MW/5MWh grid-forming ESS, along with a 12 MW hydrogen production station. The station will selectively deploy ALK, AEM, PEM, and SOEC multi-type electrolyzer equipment, with green hydrogen output required to meet the national standard for ultra-pure hydrogen. The project will also include supporting construction of hydrogen buffer tanks, compression and filling systems, as well as auxiliary facilities such as desalinated water stations, air compressor stations, and control buildings. Longyuan Power Longyuan (Zhangye) New Energy Development Co., Ltd.: The company initiated open procurement for 500 standard cubic meter PEM electrolyzer hydrogen production equipment and ancillary equipment for the Zhangye Carbon Neutrality Industrial Base Wind-Solar-Hydrogen-Storage Integration Project. Located in the Circular Economy Demonstration Park of Zhangye Economic and Technological Development Zone, Gansu Province, this is also the first green electricity hydrogen production project deployed by China Energy Investment Corporation in Gansu Province. Policy Review 1. The General Office of the Ministry of Industry and Information Technology and other departments jointly issued the Guidelines for Green Design of Industrial Products (2026 Edition). The Guidelines mention: developing green design solutions. Focusing on industries including automobiles, construction machinery, machine tools, bearings, wind power equipment, hydrogen energy equipment, PV, lithium batteries, household appliances, packaging, cleaning products, textiles, biomanufacturing, methanol, and tires, and targeting key directions of green design, the aim is to develop green design solutions that are technologically advanced, economically feasible, and supply-demand compatible, forming a batch of replicable and scalable exemplary green design solutions. The initiative will cultivate green design solution providers with high professional standards and strong service capabilities, building a virtuous ecosystem of "demand-driven—solution development—industrial application." 2. The General Office of the CPC Central Committee and the General Office of the State Council issued the Opinions on Achieving Higher-Level and Higher-Quality Energy Conservation and Carbon Reduction. The document aims to use transportation energy conservation and carbon reduction and green energy transition as two key drivers, coordinating low-carbon development with energy security, and accelerating the construction of a clean, low-carbon, safe, and efficient modern energy and transportation system. Enterprise Updates Guohua Investment Mengxi Branch: China's first heavy-haul railway hydrogen refueling station, the Batuta Hydrogen Refueling Station, achieved a cumulative hydrogen refueling volume exceeding 10,000 kg, marking a milestone in the scaled application of hydrogen energy in China's heavy-haul railway sector. Located at the Hailesuhao South Station in Ejin Horo Banner, Ordos City, Inner Mongolia, the station is a key hydrogen energy industry demonstration project of Guohua Investment, with a daily hydrogen refueling capacity of 500 kg. It primarily provides hydrogen refueling services for large power hydrogen-powered shunting locomotives and hydrogen fuel cell plus lithium battery zero-emission catenary maintenance vehicles, accumulating valuable demonstration experience for the green and low-carbon transformation of heavy-haul railways. Tianjin Zhonghe Energy Management Co., Ltd.: The world's first 5 MW anion exchange membrane (AEM) water electrolysis hydrogen production system completed installation and commenced commissioning, marking the official entry of megawatt-scale AEM technology into the industrial application stage. Beijing Mingyang Hydrogen Technology Co., Ltd. : The company received written authorization from the American Society of Mechanical Engineers (ASME), successfully obtaining the manufacturing license and quality certification under the ASME Boiler and Pressure Vessel Code. Guangzhou Yunfu Hydrogen Technology Co., Ltd.: The company officially opened in Baiyun District, Guangzhou. Yang Qiang, Chairman of Yuntao Hydrogen, Ding Leizhe, Executive Vice President of Guofu Hydrogen, along with representatives from the government and partners attended the ceremony. Yunfu Hydrogen was jointly established by Guangdong Yuntao Hydrogen and Jiangsu Guofu Hydrogen, focusing on R&D, integrated manufacturing, and services for core hydrogen energy equipment, with the goal of building a leading hydrogen energy equipment industrialisation hub in South China. The project has a total investment of 500 million yuan, with a Phase I workshop of approximately 1,300 m², primarily engaged in vehicle-mounted high-pressure hydrogen supply systems and core equipment integration for hydrogen refueling stations. Shaanxi Hydrogen Energy Industry Development Co., Ltd.: The company held a discussion and exchange meeting with the Shenmu Municipal Government and officially signed an investment cooperation framework agreement. At the meeting, Liu Wei, Deputy Secretary of the Party Committee and General Manager of Shaanxi Hydrogen Energy, and Han Xiujin jointly signed the agreement. Both parties conducted in-depth exchanges on hydrogen energy industry development planning and key project cooperation, reaching a cooperation consensus. Heads of relevant departments of the Shenmu Municipal Government, as well as heads of relevant departments and subordinate units of Shaanxi Hydrogen Energy, attended the meeting. Tianjin Rongcheng Xinneng Technology Group Co., Ltd.: The company's 5 MW anion exchange membrane (AEM) water electrolysis hydrogen production system completed equipment installation and officially entered the commissioning stage. Zhejiang Sunshine Green Hydrogen Technology Co., Ltd.: The company's self-developed A11 and B11-series core electrolyzer equipment successfully completed long-cycle operation verification. The series uniformly adopted a current density of 1.5 A/cm², completing dual-line endurance tests under both atmospheric pressure and 1.6 MPa high-pressure conditions, with uninterrupted stable operation exceeding 8,000 hours in both cases. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifespan of 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity approaching that of platinum-based materials. Technology Footprint/Technical Specifications 1. Two group standards on water electrolysis hydrogen production were officially released and implemented, namely the Safety Technical Specification for Water Electrolysis Hydrogen Production and the Calculation Method for Economic Operation Indicators of Water Electrolysis Hydrogen Production. 2. Petronor and H2SITE collaborated to advance membrane technology for hydrogen production, improving high-purity hydrogen and low-carbon efficiency in refining. 3. Dalian University of Technology designed an electron pump catalyst with an asymmetric photo-responsive structure, maintaining the asymmetry of electron distribution. 4. A research team from the School of Electrical Engineering and the State Key Laboratory of Electrical Insulation and Power Equipment at Xi'an Jiaotong University successfully developed a Ru/Ti₃C₂Oₓ@NF bifunctional electrocatalyst for seawater electrolysis. 5. The team led by Professor Yu Ying at Central China Normal University developed a three-dimensional hierarchical nanostructured catalytic electrode as a core component for seawater hydrogen production.

SMM May 7: Metals market: As of the midday close, base metals in the domestic market showed mixed performance. SHFE copper rose 0.43%, SHFE aluminum fell 1.76%, SHFE lead fell 0.36%, SHFE zinc rose 0.41%, SHFE tin rose 3.16%, and SHFE nickel fell 3.33%. In addition, the most-traded casting aluminum futures fell 1.85%, the most-traded alumina contract rose 0.49%, the most-traded lithium carbonate contract rose 0.08%, the most-traded silicon metal contract rose 2.03%, and the most-traded polysilicon futures rose 4.79%. Ferrous metals showed mixed performance. Iron ore rose 0.55%, rebar rose 0.68%, hot-rolled coil rose 0.29%, and stainless steel fell 1.12%. Coking coal and coke: the most-traded coking coal contract fell 1.22%, and the most-traded coke contract fell 1.2%. Overseas base metals, as of 11:41, LME metals mostly fell. LME copper fell 0.22%, LME aluminum fell 1.16%, LME lead rose 0.23%, LME zinc fell 0.29%, LME tin fell 1.71%, and LME nickel fell 0.13%. Precious metals, as of 11:41, COMEX gold rose 0.39% and COMEX silver rose 1.35%. Domestic precious metals: the most-traded SHFE gold contract rose 1.11%, and the most-traded SHFE silver contract rose 3.43%. In addition, as of the midday close, the most-traded platinum futures rose 3.21%, and the most-traded palladium futures rose 1.71%. As of the midday close, the most-traded Europe containerized freight index contract fell 3.35%, closing at 2,355.5 points. As of 11:41 on May 7, midday futures quotes for selected contracts: Spot cargo and fundamentals Nickel: On May 7, SMM #1 refined nickel prices fell 5,050 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,150 yuan/mt, down 100 yuan/mt from the previous trading day... Macro front China: [PBOC reverse repo operations resulted in a net drain of 99.2 billion yuan for the day] The PBOC conducted 27 billion yuan of 7-day reverse repo operations today. As 126.2 billion yuan of 7-day reverse repos matured today, a net drain of 99.2 billion yuan was achieved for the day. [HKEX CEO: LME warehouses in Hong Kong nearing full capacity] HKEX CEO Bonnie Y. Chan said that the storage capacity of a series of LME-approved warehouses in Hong Kong was nearing saturation. The LME began approving metal warehouses in Hong Kong last year. Speaking at a seminar during LME Asia Week in Hong Kong, Chan said the LME currently had 15 warehouses in Hong Kong, compared with just 4 a year ago. She called this an important milestone in establishing physical market connectivity. LME and Hong Kong Exchanges will explore more collaborative projects, including futures and RMB-denominated products, to build a comprehensive commodities ecosystem in Asia. (Jin10 Data) US dollar: As of 11:41, the US dollar index fell 0.01% to 98.01. Chicago Fed President Goolsbee said on Wednesday that the war with Iran increasingly appeared to be an inflationary shock to the economy. Although the impact on employment and economic growth was not yet evident, concerns about supply chain disruptions and sustained price increases were intensifying. "This is not yet a 'stagflation' shock," meaning the kind that hits the job market while pushing up inflation and forces the US Fed to decide which of its policy objectives faces greater risk, Goolsbee said after attending the Milken Institute conference in Los Angeles. "This is just an inflation shock. And the longer this persists, the more uneasy I become." According to CME "FedWatch": the probability of the US Fed keeping rates unchanged through June was 93.5%, with a cumulative 25-basis-point interest rate cut probability of 6.5%. The probability of the US Fed keeping rates unchanged through July was 86.5%, with cumulative probabilities of a 25-basis-point cut at 13.0% and a 50-basis-point cut at 0.5%. (Jin10 Data) Other currencies: On the first day of resumed trading in the Japanese market, the yen broadly stabilized against other G10 currencies and Asian currencies. However, analysts noted that the yen's downside room against the US dollar is likely to be limited due to potential foreign exchange intervention by Japanese authorities. Analysts at Maybank stated in a foreign exchange research report that the unpredictability of Japanese authorities' actions would limit the upside room for USD/JPY in the short term. Given that three suspected interventions have already occurred after the currency pair breached the 157.00 level, the market is now increasingly wary of pushing the dollar above that level. (Jin10 Data) Data: China's April foreign exchange reserves (TBD), US April Challenger enterprise layoffs, US initial jobless claims for the week ending May 2, US March construction spending MoM, US April New York Fed 1-year inflation expectations, Eurozone March retail sales MoM, France March trade balance, and Switzerland April seasonally adjusted unemployment rate are scheduled for release today. In addition, 2027 FOMC voter and Chicago Fed President Goolsbee will participate in a panel discussion at a conference. Crude oil: As of 11:41, oil prices in both markets rose, with WTI up 0.86% and Brent up 0.87%. The market weighed the prospects of a Middle East peace agreement. A decline in US crude oil inventory last week supported oil prices. US EIA Cushing, Oklahoma crude oil inventory for the week ending May 1 was -648,000 barrels, compared to the previous value of -796,000 barrels. US EIA crude oil inventory for the week ending May 1 was -2.313 million barrels, versus expectations of -3.291 million barrels and a previous value of -6.234 million barrels. US EIA Strategic Petroleum Reserve inventory for the week ending May 1 was -5.224 million barrels, compared to the previous value of -7.121 million barrels. According to federal data released Wednesday, US energy inventories continued to decline rapidly due to supply shocks caused by the Middle East war, highlighting the tightening supply problem as the energy crisis continued to spread. According to data from the US Energy Information Administration (EIA), refined product inventories, including diesel, plunged by 1.3 million barrels last week to the lowest level since April 2003. These inventories are currently 11% below the five-year seasonal average. Due to refinery shutdowns, diesel prices recently hit record highs in Wisconsin, Illinois, and Michigan. (CNN) According to a person familiar with the matter, the Trump administration is exploring the use of oil resources beneath US military bases and other Department of Defense sites to replenish the nation's dwindling emergency reserves. The source said no decision has been made on this potential move. This comes as the US government has pledged to explore innovative ways to replenish the Strategic Petroleum Reserve, which was further depleted during the Iran war. (Jin10 Data) According to a foreign media survey, OPEC's crude oil production fell to a 36-year low last month as the ongoing Iran war continued to obstruct Persian Gulf exports and forced more oil fields to shut down. The survey showed that OPEC's April crude oil production decreased by 420,000 barrels per day to 20.55 million barrels per day, the lowest level since 1990, mainly dragged down by further production declines in Kuwait and Iran. The survey showed that Kuwait saw the largest production drop last month, with daily output falling by 470,000 barrels to 800,000 barrels per day, less than one-third of pre-war levels. The country's exports have fallen to just 22,000 barrels per day. Iran followed, with production declining by 180,000 barrels per day to 3.05 million barrels per day, doubling the cumulative production cuts since the war began. OPEC also suffered another blow last week. The UAE announced its withdrawal from the organization, following years of friction with the group's leader Saudi Arabia over production limits. The April survey still included UAE data, as the UAE's withdrawal did not officially take effect until May 1. (Bloomberg) Spot market overview: ► ► ► ► ► ► ► ► ►