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OIL
Crude throughput at China’s refineries is unlikely to see a strong recovery in May after hitting a four-month low in April, according to Platts.
- This is due to a heavy refinery maintenance season and weak demand for oil products, Platts added.
- China’s crude throughput hit 14.36m b/d in April, down 3.3% on the year. This was the first monthly year-on-year decline since August 2022.
- For May 1.9m b/d of capacity has been idled by maintenance, up from 1.32m b/d in April.
- Refiners also told Platts that weak gasoil demand has also capped throughput. Gasoil was 28.7% of Chinese refinery crude throughput from Jan-April.
- Average utilisation rate at 51 state-owned refining plants has been at a 12-month low of 78.70% in May so far.
- Utilisation rates at China’s Teapots has been slightly higher at 55.9% in May, compared to 54.8% in April, according to OilChem data cited by Platts.
Source: S&P Global Commodity Insights
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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