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China Daily Oil Summary: Teapot CDU Rates Falling

OIL

CDU capacity utilisation rates at China’s independent refineries fell by 1.67 percentage points in the week to Oct. 26, averaging 68.14%, according to OilChem.

  • Meanwhile, for independent refineries in the hub of Shandong province, CDU capacity utilisation rates saw a larger fall, down 3.03 percentage points on the week to an average of 60.92%.
  • China’s refining sector is being reshaped according to new guidelines on green developments released Oct. 25, which summarise actions plans released since Sep 2021, according to Platts.
  • To meet the targets set out, the guidelines require all new build CDUs to have of at least 200k b/d, while the expansion or new construction of a refining project is strictly prohibited. CDUs with capacity under 40k b/d will be mothballed.
  • YUAN: The currency weakened to 7.3182 against the dollar from 7.3150 on Wednesday. The PBOC set the dollar-yuan central parity rate lower at 7.1784, compared with 7.1785 on Wednesday.
  • BONDS: The yield on 10-year China Government Bonds was last at 2.7300%, up from Wednesday's close of 2.7275%, according to Wind Information.
  • FROM THE PRESS: China’s 2024 budget deficit-to-GDP ratio may also break through the 3% red line, after issuance of CNY1 trillion of China Government Bonds pushes this year’s deficit ratio to 3.8% from the 3% set in March.
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