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China's Gasoline Consumption to Fall 3.3% in Sept: OilChem

OIL PRODUCTS
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Daily gasoline consumption is expected fall 3.3% on the month to 0.467m mt in September, according to OilChem.

  • Demand will decline in September as the summer travel season ends and colder weather reduces vehicle air conditioner use.
  • China's gasoline production in September will also fall, declining by around 0.7m mt on the month to 15.35m mt.
  • State-owned refineries have planned to lower the yield of gasoline, cutting monthly production by around 0.6m mt, according to OilChem. Independent refineries will also likely cur gasoline yields despite rising capacity utilization rates, keeping the production roughly flat.
  • China’s gasoline export plan for September stands at 0.99m mt, unchanged from August.
  • Consequently, China's #92 gasoline price should vary between 9,100-9,250 y/t before softening to 9,100 y/t by the end of September.


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Daily gasoline consumption is expected fall 3.3% on the month to 0.467m mt in September, according to OilChem.

  • Demand will decline in September as the summer travel season ends and colder weather reduces vehicle air conditioner use.
  • China's gasoline production in September will also fall, declining by around 0.7m mt on the month to 15.35m mt.
  • State-owned refineries have planned to lower the yield of gasoline, cutting monthly production by around 0.6m mt, according to OilChem. Independent refineries will also likely cur gasoline yields despite rising capacity utilization rates, keeping the production roughly flat.
  • China’s gasoline export plan for September stands at 0.99m mt, unchanged from August.
  • Consequently, China's #92 gasoline price should vary between 9,100-9,250 y/t before softening to 9,100 y/t by the end of September.


Keep reading...Show less