China Daily Oil Summary: Crude Output up on Year in Nov

China’s crude oil production was 17.20m mt in November, a rise of 2.5% on the year, according to OilChem citing NBS data.

• CDU capacity utilisation rates at Shandong’s independent refineries averaged 56.99% in the week to Dec. 21, according to OilChem.
• Looking at airline passenger capacity, domestic capacity - which constitutes 92.7% of all seats to, from, and within China – is 11% ahead of 2019 levels, according to OAG. International capacity is just 62% of Dec. 2019 levels.
• Asia’s naphtha market is likely to stay under pressure in 2024 amid squeezed olefin margins, although some support should come from gasoline demand, Platts said.
• YUAN: The currency weakened to 7.1450 against the dollar from 7.1336 on Wednesday.
• Authorities should prepare for stress testing and risk investigation following a sharp increase in freight rates as more shipping firms pause Red Sea journeys over attacks, said Yicai.com in an editorial. If the Far East-Northwest Europe and Far East-Mediterranean routes are forced to detour around the Cape of Good Hope, the shipping distance will increase by 29.1% and 80%, with the sailing time lengthened by 10 and 19 days.
• FROM THE PRESS: The government will increase use of refinancing bonds next year to address local government debt risk, according to analysts interviewed by Yicai.com.