China Daily Oil Summary: Road Traffic Down on Week

MNI (London) - China’s road traffic congestion levels fell by 13% in the week to June 12, down to 121% of Jan. 2021 levels, according to BNEF. The drop was attributed to the Dragon Boat festivities taking place June 10.

• Arrivals of feedstocks to Teapots via ports in Shandong province totalled 48m mt in Jan-May, down 13% year on year, according to OilChem. The fall was attributed to low CDU capacity utilization rates and poor refining profits at independent refineries.
• Crude storage capacity utilisation rates at independent refineries in China’s Shandong province are seen at 44.2% in the week to June 14, up 0.1 percentage points on the week, according to OilChem.
• EXCLUSIVE: China’s electricity consumption growth rate will slow from a Q1 high of 9.8% y/y due to base effects, following 2023’s total 6.7% y/y increase, but will remain above GDP gains for the foreseeable future as the country's industrial-sector activity strengthens, local analysts and economists have told MNI.
• EXCLUSIVE: The People’s Bank of China is likely to sell some of its longer-term bond holdings to defuse a debt rally it sees as fuelling financial risk and to prompt more lending to the real economy, but China’s lack of creditworthy borrowers as its population ages and growth slows will continue to buoy safe assets over time, policy advisors and economists told MNI.
• POLICY: Beijing will safeguard the interests of Chinese firms following the EU's decision to implement tariffs on Chinese imported battery electric vehicles, Ministry of Commerce He Yadong, spokesperson said Thursday.