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OIL PRODUCTS
China’s gasoil market is expected to gain momentum some in July from rising speculative demand amid speculations of improved consumption levels in August and September, OilChem said.
- Daily gasoil consumption in July is estimated at 548k mt/d, flat on June and down 6.1% year-on-year.
- In the logistics sector, consumption is projected to remain largely unchanged, although the popularity of LNG heavy-duty trucks will persist.
- Gasoil consumption in the agricultural sector will fall to normal seasonal levels, OilChem added.
- Regarding manufacturing projects, demand will decline in North China due to high seasonal temperatures, although they are likely to gain support from a potential rebound in the south after the rainy season ends.
- Daily gasoil production is seen at 579k b/d in July, up 1.9% on the month, but down 8.1% on the year.
- China’s gasoil exports are planned at 0.65m mt due to narrower export profits.
- This will keep the market oversupplied, but that is normal during the low season, OilChem added.
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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