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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.
OIL
China's crude throughput in April is set to fall further from March as both state-owned and small-sized independent refineries enter maintenance season, and despite integrated private plants increasing utilization, data from S&P Global Commodity Insights show.
- The average utilization at China's state-owned refiners Sinopec, PetroChina, CNOOC and Sinochem fell to 81.1% in March from the three-month high of 82.5% in February, according to S&P Global.
- China's crude throughput stood at 14.42mbpd over January-February, up by 1.8% from December, data from National Bureau of Statistics showed.
- In April, a combined 680kbpd of capacity at state-owned refineries will be offline for scheduled maintenance, S&P Global data showed. This adds to 440kbpd of capacity shut in March.
- A combined 2.07mbpd of capacity at refineries will be offline for scheduled maintenance in the first half of 2023, according to S&P Global data, though not all at the same time.
- Despite the heavy maintenance schedule, China may raise clean oil product exports by 32.2% to 2.1mn mt in April from 1.6mn mt in March amid the slower-than-expected recovery in domestic demand after the lifting of COVID-19 restrictions, according to S&P.
- China is forecast to export 35mn mt of oil products in 2023, largely steady from 2022, according to China's Economics and Technology Research Institute.
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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