China Daily Oil Summary: Yulong to Start in Q3

Shandong’s 400k b/d Yulong refinery is expected to start commissioning by end-July and will come online by end of Q3, according to OilChem.

• China’s key oil majors are likely to export 0.6m-0.7m mt of diesel and 1.9m mt of jet fuel for July, industry sources told Reuters, largely stable on the month.
• China’s independent refineries’ combined gasoline and gasoil production will fall again in June for the third consecutive month, according to OilChem.
• Supertankers signalling China as their next destination slipped in the past week, according to Bloomberg. 99 vessels are headed to China in the next 90 days, down one in the past week, Bloomberg said.
• POLICY: Beijing will encourage cities to relax vehicle purchase restrictions and quotas in efforts to boost consumption, a notice on the National Development and Reform Commission website said.
• FROM THE PRESS: The yuan will continue to face depreciation pressure in the short term and likely fluctuate around 7.24 to 7.29 against the U.S. dollar this week, Yicai.com reported citing Wang Qiangsong, head of research at Nanyin Wealth Management.