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China Daily Oil Summary: CDU Rates to Fall in May

OIL

CDU capacity utilisation rates at China’s domestic refineries will average 68.58% in May, down 1.3 percentage points on the month, and 3.05 percentage points on the year, OilChem said.

  • China’s refined oil production in June is expected to rise both on the month and on the year, according to OilChem.
  • China’s Independent Refiners are likely to cut their fuel oil imports in May amid weak cracking margins and higher import costs, according to Platts.
  • China oil imports slipped in April due to seasonal maintenance in the country. They came in at 44.72mn metric tons (10.9mn bpd) in April according to GACC data.
  • China saw more than 1.3 billion passenger trips over the five-day Labour Day holiday that began on May 1 - 2.1% higher than a year earlier according to state media Xinhua reports.
  • China’s traffic congestion fell by more than 37% in the week to May 8, down to 97% of Jan. 2021 levels, according to BNEF.
  • MNI (Beijing) - DATA: China's exports rose 1.5% y/y in April, beating the market consensus for a 1.3% y/y rise and far ahead of the 7.5% y/y decline seen in March, data released by Customs showed.
  • The Chief Economist Confidence Index reached 50.52, down from April’s 50.86 but still above 50, indicating economists remain positive.
  • China’s retail sector steadily recovered in May with the retail sentiment index (CRPI) reaching 50.9%, up 0.5pp from April, according to the China Federation of Commerce.
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