Chinese Crude Throughput at Two-Year Low

China’s crude throughput dropped 10.5% year on year and 11.6% from March to a two-year low of 51.81 million mt in April based on today’s National Bureau of Statistics data. China’s refined product consumption has been impacted by the country’s strict covid polices and lockdowns.

• China's jet fuel production hit a 10-year low of 1.75 million mt in April, down 55.6% year-on-year drop and a 33.4% decline from March.
• Gasoline output fell 19.4% month on month to 11.06 million mt in April -- the lowest level since 10.69 million mt produced in June 2020.
• Gasoil output fell 8.2% month on month to 14.27 million mt in April, 13.9% lower than a year ago.
• Fuel oil output of 3.68 million mt in April, flat versus March but 29.6% higher than a year prior.
• Naphtha output if 4.04 million mt was 8.3% down on March but 15% higher year on year.
• LPG output of 3.83 million mt was 10.8% down on March and flat with a year prior.