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China Weekly Oil Summary: Planned Exports Up in March

OIL

MNI (London) - Planned fuel exports from China’s state-owned refiners are expected to increase about 10% month on month to 4m tons in March according to OilChem. The increase follows previous expectations for a 14% decline in oil product exports in February.

  • China’s gasoline demand is slowing down after the Lunar New Year travel rush, resulting in independent refineries in the eastern Shandong province to reduce crude throughput, sources told Platts.
  • China is set to increase its bonded jet fuel refuelling at international airports amid a rise in overseas flights in 2024, according to Platts.
  • Chinese Travel demand during the Lunar New Year holiday exceeded pre-pandemic levels, adding to signs that consumption in China is improving, according to Bloomberg. The daily average number of air passenger trips handled hit 2.25 million, setting a new high.
  • CDU capacity utilisation at China’s independent refineries averaged 65.5% in 2024 to date, up 2.58 percentage points on the year, according to OilChem.
  • EXCLUSIVE: China’s bigger-than-expected cut to the Loan Prime Rate’s five-year plus tenor has sent a strong signal of support to the property market and will make further central bank easing more likely should the economy continue to soften and the U.S. Federal Reserve turns dovish.
  • POLICY: Authorities believe Chinese consumption will show steady growth in Q1 following strong sales during the Spring Festival, according to He Yadong, spokesperson for the Ministry of Commerce on Thursday.
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