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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.
REFINING
Oil processing in China is expected to be flat or fall in 2024 according to a Bloomberg survey of six analysts and industry consultants adding uncertainty to global demand growth.
- A fall would be the first in data back to 2004, excluding 2022, and could be a concern for OPEC+ producers seeking to return supply to the market.
- Future fuel demand could be limited by a soft economy weighed on by a prolonged weak property market as well as an energy transition with new-energy vehicles and gas power trucks.
- China’s refiners are extending maintenance schedules to adjust for lower consumption as teapots have struggled with low margins.
- The start of mega-refineries such as Yulong, the expansion of the Zhenhai refinery and the Daxie plant could help support processing, according to Rystad Energy.
- Refiners will ramp up slowly from maintenance, but could have at least 1mbpd of spare processing capacity, according to FGE.
- The IEA monthly report this week reduced the processing forecast, but still sees a gain.
Source: Bloomberg
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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