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China Daily Oil Summary: Product Production Seen Down 6% in June

OIL

China’s refined product production is projected to fall around 6% on the month in June amid poor refined oil demand and narrowing profit margins, OilChem said.

  • China’s refined oil exports stood at 2.85m mt in May according to shipping schedules cited by OilChem, up just 0.01m mt on the month.
  • CDU Capacity Utilisation rates at China’s state-owned refineries are expected to continue falling in the week to June 6, according to OilChem, as Sinopec and CNPC plan to cut daily throughput.
  • Crude storage capacity utilization rates at independent refineries in China’s Shandong Province averaged 43.9% in the week to May 29, up just 0.08% on the week and down 3.88% on the year, according to OilChem.
  • EXCLUSIVE: China’s economic slowdown represents the biggest challenge for European firms wanting to operate there, with Beijing recently improving market access, a leading European lobbyist has told MNI.
  • EXCLUSIVE: China will likely implement further property sector support, such as lower mortgage rates, to maintain the momentum of an expected sales rebound over the next few months, advisors told MNI.
  • DATA: China's Caixin manufacturing PMI registered 51.7 in May, up 0.3 points from April, staying in the expansionary zone above the breakeven 50 mark for a seventh month and hitting the highest level since July 2022, the financial publisher said.
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