MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: PBOC Net Injects CNY57 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1315 Fri; -0.52% Y/Y

CHINA PBOC CONDUCTS CNY59 BILLION VIA 7-DAY REVERSE REPOS FRI

Intermediate PPI Deflation Continues To Fade in June

MNI: GERMANY JUNE PPI  +0.2 % M/M (+0.1% FCAST, 0.0% PRIOR)

Disappointing data but no market reaction

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

China’s May Crude Throughput Unlikely to Rebound: Platts

OIL
Energy BulletsHomepagemarkets-real-timeBulletCommodities

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.

Keep reading...Show less
152 words

To read the full story

Close

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.

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.

Keep reading...Show less