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OIL PRODUCTS
Weekly CDU capacity utilisation rates across Chinese refineries fell to a year-to-date low in the week to June 13, amid heavy maintenance and poor refining profit margins, OilChem said.
- CDU capacity utilisation rates averaged 74.28% at state owned refineries, down 1.5 percentage points of the week and the lowest level in 2024 to date.
- At China’s teapots, CDU rates were 51.88%, down 0.53 percentage points.
- Four independent refineries are still idled due to maintenance.
- Gasoline and gasoil production at state-owned refineries was 2.24m mt and 2.14m mt respectively during the previous week. Independent refineries produced 515.9k mt of gasoline and 941k mt of gasoil.
- CDU rates are not expected to show much improvement in the near term as refining profits remain low.
Source: OilChem
Source: OilChem
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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