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China Teapot Runs Raise for First Time in 8 Weeks: OilChem

REFINING

China teapots in Shandong raised run rates to 57.56% of capacity in the week to November 23 – the first weekly increase in 8 weeks according to OilChem.

  • Chinese state-owned refiners increased runs to 77.89% capacity – a second weekly rise.
  • Chinese runs have been held back in recent weeks by a lack of oil product export quotas into the end of the year.
  • China diesel stockpiles -2.4% w/w to ~15.8m tons, lowest since Jan. 26
  • China gasoline inventories +0.6% w/w to 13.4m tons, highest since Oct. 26
  • Falling China domestic diesel stocks may be supportive of the recent run increase.
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