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China Run Rates Limited by Maintenance at End of March


The run rates for China’s oil refiners increased +0.4ppt w/w to 70.82% as of March 30 according to OilChem.

  • State owned refiners kept runs unchanged on the week but independent refiners including Shandong teapots raised rates +1.21 ppt to 64.16%
  • Refinery run rates were impacted by 39.3m tons of refining capacity offline for maintenance compared with 13.8m tons at start of March.
  • Commercial diesel stockpiles in China fell by 1.7% w/w to 16.3m tons following a seasonal recovery in demand. Gasoline inventories increased by +1.7% w/w to 14.4m tons.

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