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China Daily Oil Summary: Demand Growth to Ease in 2024

OIL

MNI (London) - Sinopec expects China’s oil product demand growth to ease to 1.7% in 2024 from the post-Covid demand boost to 16.1% in 2023, according to Bloomberg.

  • Gasoline demand growth is forecast at 1.6% compared with 23% and diesel flat vs 3.1% and jet fuel at 11.1 compared to 96.5% in 2023.
  • China’s new CDU capacity is expected to reach 80m mtpa in the next three years, following the commissioning of 100m mtpa of new capabilities over the last five years, according to OilChem.
  • CDU capacity utilisation rates at independent refineries in China averaged 63.99% in the seven days to Dec. 28, up 0.29 percentage points on the week.
  • YUAN: The currency strengthened to 7.1055 against the dollar from 7.1437 on Wednesday.
  • BONDS: The yield on 10-year China Government Bonds was last at 2.6000%, flat from Wednesday's close, according to Wind Information.
  • FROM THE PRESS: Authorities should focus on the increase in industrial enterprises' corporate accounts receivable and overdue debts caused by insufficient demand and implement policies to consolidate the rebound in industrial profits, 21st Century Business Herald reported, citing analysts.
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