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REFINING
Feedstock consumption at China's Shandong independent refineries was higher than market expectations in January with improved refining margins and higher gasoline demand.
- China's private refining sector typically shows lower run rates and throughput levels during the month of the Lunar New Year holiday. Refiner throughput was around 8.99m mt, or 2.12 mb/d in January according to JLC.
- Transportation fuel demand surged last month, boosting refining margins and providing support to throughput. Total oil product sales from the private refining rose 9.6% to the highest level in five months of 6.8m mt in January according to JLC data. Gasoline sales rose 13.4% on the month in January to a 13 month high of 2.5m mt.
- "Good margins will support independent refineries' throughputs in February, but the growth would be capped as a few refineries have previously planned to shut for maintenance," said an analyst with JLC.
Source: S&P Global
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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