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China’s CDU Rates Seen Rising This Week: OilChem

OIL

CDU capacity utilisation rates at China’s state-owned refineries are projected to rise in the week to May 23, according to OilChem.

  • The increase is driven by restarts at several refineries following the end of planned maintenance.
  • Among Teapots in Shandong Province, CDU rates are seen stable as some refineries go offline for maintenance, while Jincheng Petrochem raises production.
  • CDU capacity utilisation rates at domestic refineries averaged 68.57% during the previous week, down 0.51 percentage points. This was the result of extensive refinery maintenance.
  • Overall gasoline and gasoil demand is likely to stay muted as market participants take a wait-and-see approach amid expectations that the government will lower the refined oil guide prices.

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CDU capacity utilisation rates at China’s state-owned refineries are projected to rise in the week to May 23, according to OilChem.

  • The increase is driven by restarts at several refineries following the end of planned maintenance.
  • Among Teapots in Shandong Province, CDU rates are seen stable as some refineries go offline for maintenance, while Jincheng Petrochem raises production.
  • CDU capacity utilisation rates at domestic refineries averaged 68.57% during the previous week, down 0.51 percentage points. This was the result of extensive refinery maintenance.
  • Overall gasoline and gasoil demand is likely to stay muted as market participants take a wait-and-see approach amid expectations that the government will lower the refined oil guide prices.

Keep reading...Show less