China Daily Oil Summary:

China’s crude oil imports showed an annual fall of 11% at 46.45m mt in June, extending the weakness after falling 8.7% on the year in May, OilChem said citing GACC data.

• China’s imports of discounted crude from Iran rose 148kb/d m/m to a record of 1.5mb/d in June, according to Kpler data cited by Bloomberg.
• Chinese independent refiners’ consumption of Malaysian Blend in H1 2024 (mostly comprised of Iranian crudes) increased by 61.8% y/y to 11.18 million mt according to JLC.
• Chinese independent refinery utilisation rates are expected to remain low in July on poor margins.
• Utilisation rates fell by one percentage point w/w to around 52% as of July 10 according to JLC.
• FROM THE PRESS: Authorities should address Q2’s economic slowdown by implementing preferential tax policies, approving CNY 1 trillion of additional refinancing bonds, increasing PBOC Pledged Supplementary Lending (PSL) funds for construction projects, and retaining more SOE profits, according to chief economists interviewed by news outlet Yicai.
• FROM THE PRESS: China’s property market indicators further declined in June as the market continued to adjust and transform, a National Bureau of Statistics spokesperson said. June data showed sales prices of newly built housing in first-tier cities fell by 0.5% m/m, 0.2 pp narrower than previous