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OIL
Capacity utilisation rates at China’s state-owned refineries are expected to be stable in the week to March 14, according to OilChem.
- Production from Shandong’s Teapot is expected to rise among several refineries, boosted by a new arrival of feedstocks. This will likely push up CDU capacity utilisation rates among independent refineries in the province.
- CDU utilisation rates averaged 73.3% in the week to March 7, up 1.84 percentage points on the week.
- Run rates at state-owned refineries rose as expected, although some teapots in Shandong and northwest China lowered rates due to falling profit margins.
- Gasoline demand has returned to China, OilChem said. Demand is likely to receive further support from improving weather conditions in northern China but may be offset by a rainy season in the south.
Source: OilChem
Source: OilChem
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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