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China Daily Oil Summary; China Buying TMX Crude

OIL

Chinese refiner Rongsheng Petrochemical has bought two 550,000 bbl Canadian Access Western Blend crude cargoes via the recently expanded TMX for September delivery according to Reuters sources.

  • Planned oil product exports from refiners and suppliers in China are set to fall to 3.19m tons in July from 3.72m tons in June, according to OilChem sources, cited by Bloomberg.
  • CDU capacity utilisation rates at China’s state-owned refineries are expected to rebound in the week to June 27 according to OilChem, as Zhenai Petrochem gradually resumes production.
  • FROM THE PRESS: China’s general public budget revenue fell by 2.8% y/y to reach CNY9.7 trillion in the first five months, with tax revenue falling by 5.1% but non-tax revenue rising by 10.3%, Securities Times reported.
  • FROM THE PRESS: Local governments must adapt to their specific conditions to develop “new quality productive forces," the People’s Daily reported citing Liu Dongmei, party secretary at the Chinese Academy of Science and Technology for Development.
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