U.S. Defense Secretary Hegseth announced a review of U.S. forces stationed in Europe and threatened cuts to NATO funding.

Front-month fuel oil contract fell 4.00% intraday to 3,070.00 yuan/ton.

Chen Guo, deputy director and chief strategist at East Money Research Institute, said he remains bullish on both new and traditional energy. He argued today’s coal pullback cannot be explained by mine-restoration expectations and that fundamentals show no signs of weakening: coking coal at 2,160 yuan/ton is still rising and thermal coal at 860 yuan/ton is holding. Prices are easier to rise than fall and carry risk of further upside beyond expectations. He expects mainstream coal companies’ Q2 profits to rise close to 100% YoY and says H2 coal-price visibility is higher than H1, supporting sustained strong earnings growth. Unless forced by force majeure, he advised against selling coal stocks at current levels, citing substantial upside risk to H2 performance.