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OIL PRODUCTS
China’s gasoline price drop will slow in late May due to more intensive refinery maintenance and a narrow oversupply, despite an overall bearish picture, OilChem said.
- OilChem forecasts that China’s daily gasoline consumption will rise 1.8% on the month to 445k mt/day in May. This is down 3.9% on the year.
- The monthly increase was boosted by the travel peak during the Labor Day holiday.
- Higher EV ownership is likely to be pressing on gasoline consumption, OilChem added.
- State-owned refineries have kept gasoline production high in May. Teapots will see production supported by better profits and higher yields, despite intense maintenance.
- However, gasoline exports are also up 0.2m mt to 0.7m mt for May.
- China’ gasoline inventories are likely to rise by 0.3m mt to 17.60m mt by end-May.
- Although gasoline prices dropped rapidly in H1 May, this should slow in H2 amid higher refinery maintenance and narrowing oversupply.
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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