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China Gasoline Demand Stabilising and Inventories Decline: OilChem

OIL PRODUCTS

Gasoline demand is stabilising with run rates at state-owned refineries up +0.52% to 77.3%, Shandong teapots unchanged at 64.5% and independent refiners down -1.71% to 62.18% according to OilChem.

  • China’s commercial gasoline inventories fell 1.4% to 14.5m tons in the week to 16 Feb according to OilChem. Diesel stockpiles increased 1.6% to 16.6m tons.
  • Transportation fuel demand surged in Jan during the month of the Lunar New Year holiday, boosting refining margins and providing support to throughput.
  • February independent refinery throughout is supported by good margins but with growth capped by planned maintenance according to JLC last week.
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