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OIL PRODUCTS
China’s refined product production is projected to fall around 6% on the month in June amid poor refined oil demand and narrowing profit margins, OilChem said.
- Gasoline production is seen down 4.78% on the month and down 3.55% on the year.
- Meanwhile gasoil production is down 6.68% on the month and declining by 9.22% year-on-year.
- Capacity utilisation at state-owned refineries is seen down by 1.50 percentage points on the month, although idled capacity due to maintenance will fall to 2m mtpa.
- Among the independent refineries, idled capacity is seen at 69.85m mtpa in June, stable compared to May.
- China’s daily gasoline consumption is seen at 443k mt/d in June, up 0.35% on the month, but down 3.82% on the year.
- Gasoil consumption is likely to be down 4.4% on the month and 4.75% on the year at 576.7k mt/d.
Source: OilChem
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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