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China Daily Oil Summary: Crude Processing to Rise 11% in March

OIL

Chinese state refiners will increase crude processing volumes to 43.81mn tons, or 10.36mn bpd this month, +11% m/m according to OilChem.

  • OilChem added that crude unit utilization at state refiners will rise to 80.08% - a third monthly rise.
  • Feedstock arrivals into Teapots in Shandong Province and Tianjin City ports totalled 10.02m mt in February, a 30% increase m/m according to OilChem. The surge in port arrivals was primarily attributed to the stockpiling of traders into bonded warehouses.
  • China’s domestic aviation market continues to see strong growth, expected to be up 7.8% year-on-year in March to 5.2m seats, according to OAG.
  • FROM THE PRESS: China’s real-estate sector still has great potential, supported by urbanisation development and the demand for renewal of existing housing, said Ni Hong, minister of housing and urban-rural development at a press conference on Saturday.
  • China’s CPI index rose 0.7% in Feb, the first advance since August. The increase in China’s consumer prices is expected to be short-lived, economists say, as the boost from the Lunar New Year holiday is eclipsed by indications of lacklustre domestic demand.
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