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China Diesel Demand to Fall in June: OilChem

OIL PRODUCTS

China’s diesel consumption may fall -6% m/m in June to 18.4m tons due to the rainy season and heatwaves according to OilChem.

  • The end of summer harvesting and lackluster demand from the logistics sector is also weighing on demand.
  • Gasoline demand in China could fall by 410k tons to 14.3m tons in June after seeing demand 6% lower in May than the same period in 2021 mainly due to faster electric vehicle penetration.
  • They see refiners are planning to exports of 1.03m tons of gasoline and 560k tons of diesel in June.
  • Gasoline stocks may fall 830k tons to 16.79m tons in June, while diesel stocks may rise 600k tons to 19.71m tons.

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