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China State-run Run Rates to the Highest Since Nov 2021: OilChem

REFINING

China’s state-run oil refiners raised run rates to the highest since Nov 2021 by 2.16 ppt w/w to 80.06% as of July 13 according to OilChem.

  • Sinopec Qingdao and Luoyang ramped up runs after repairs.
  • Shandong teapots were +0.06 ppt to 60.86%.
  • Commercial diesel stockpiles -0.3% w/w to 16.36m tons as of July 13, while gasoline supplies -0.3% w/w to 12.9m tons.
  • Earlier this week they projected the capacity utilization rate to climb 2.31 ppt from June to 79.99% on average in July, with only four refineries still under maintenance from seven in June. Average capacity utilization rate has been nearing the historical high of 80.41% and is expected to hit 80.5%.

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