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OIL
CDU capacity utilisation rates in December across China are expected to fall amid lagging winter demand, according to OilChem.
- OilChem projects that CDU capacity utilisation rates will average 70.56% in December, a month-on-month fall of 1.24 percentage points.
- Demand for gasoil and gasoline is expected to fall in accordance with seasonal trends. Gasoline demand is not expected to rebound until peak travel returns during Chinese New Year in January.
- Maintenance and a lack of remaining feedstocks will also push down rates at several refineries in Shandong Province and in Northern China.
- Narrowing profit margins for refineries may also be a factor in tapering CDU capacity utilisation.
- China’s refined oil production was down 10.8% on the month to 25.47m mt in November.
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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