China Daily Oil Summary: Planned Maintenance up 18% in 2024

MNI (London) - Planned maintenance at Chinese state refiners is set to be 18% higher this year at a total of 157m tons/yr, according to OilChem. The work will mostly take place in 2Q and 4Q.

• China’s refinery runs are expected up +0.06% m/m to 72.52% in February with state plants raising runs while teapots cut.
• CDU utilisation rates at state-owned refineries are forecast to rise by 1.01 percentage points on the month to average 77.02% in Feb, OilChem said.
• An OilChem survey shows China’s state-owned refineries’ planned throughput for Feb down 5.21% on the month to 39.42m mt, primarily due to the fewer calendar days in February.
• Among the Teapots in Shandong, refiners have been opting to pull feedstocks from commercial storages near their facilities rather than target seaborne volumes – a trend growing since mid-December.
• China crude imports slipped to 9.8mn bpd in January according to Vortexa – marking the third consecutive month below 10mn bpd.
• YUAN: The currency weakened to 7.1931 to the dollar from 7.1913 on Tuesday.
• FROM THE PRESS: China’s exporters could face a shortage of containers should the Red Sea crisis continue, according to Chen Youwei, director of Robinson International Freight, adding that current supply was sufficient but decreasing rapidly.
• BONDS: The yield on 10-year China Government Bonds was last at 2.4223%, up from Tuesday's close of 2.4580%, according to Wind Information.