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China Daily Oil Summary: Gasoline Demand to Peak in 2023

OIL

Gasoline demand in China looks set to peak in 2023 as electric vehicles become more popular and given the rapid elimination of commercial cars and increase in fuel efficiency according to OilChem.

  • This would be up from 2.38mn tons in September, according to Kpler data, while LSEG data puts September exports at 3.385mn tons. Both data exclude jet fuel exports.
  • China’s Commercial crude storage utilisation rate stood at 58.23% Sep. 27, up 0.75 percentage points on the previous week.
  • In Shandong Province, crude oil storage among independent refineries averaged 47.7% as of Sep. 27, up 0.02 percentage points on the week.
  • Headlines surrounding this month’s Politburo meeting have started to cross. Note that there aren’t any expectations for meaningful policy easing announcements or the like at the event. The meeting was held today, with the Politburo noting that it will deploy strong measures to prevent and resolve major risks.
  • YUAN: The currency weakened to 7.3088 against the dollar from 7.3019 on Tuesday. The PBOC set the dollar-yuan central parity rate lower at 7.1717, compared with 7.1727 on Tuesday.
  • LIQUIDITY: China’s interbank market liquidity tightened in September, even as the PBOC kept sufficient liquidity in the system to support the economy going into Q4 by making cuts to the reserve requirement ratio (RRR) and adjustments to its daily open market operations, the latest MNI Liquidity Survey, published late Tuesday, showed.
  • MNI COMMODITY ANALYSIS: China Golden Week Set to Serve Further Boost for International Travel - Full piece here: https://enews.marketnews.com/ct/x/pjJscQCLlewI6ag2Jh1wGQ~k1zZ8KXr-kA8x6nHWZSkptIPjO1OcQ
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