China Daily Oil Summary: Run-Rates Set to Rise

Run rates at Chinese state refiners will rise by 0.6% to 76.02% in January according to OilChem citing a survey. The increase follows declines in the previous three months and raises the monthly processing volume to 41.59m tons, up +0.6% m/m and +4.32% y/y.

• Saudi Arabia cut all official selling prices for all regions for February, with the price for Arab Light crude to Asia falling to the lowest level since November 2021, a price list showed.
• China’s gasoline demand is likely to be flat during the week to Jan. 11, according to OilChem, while some end-market players hold out on stockpiling on expectations that retail prices fall.
• December’s arrivals of feedstocks into Ports in Shandong Province and Tianjin rose 1.86% on the month to 9.57m mt, according to OilChem.
• BONDS: The yield on 10-year China Government Bond was last at 2.5750%, up from the previous close of 2.5725%, according to Wind Information.
• YUAN: The currency weakened to 7.1599 against the dollar from 7.1566 on Friday.
• FROM THE PRESS: The PBOC said it will support commercial banks to issue rental housing development loans to real-estate companies, industrial parks, enterprises and institutions to build and renovate long-term rental housing, according to a statement on its website.