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Chinese Petrochemical Demand Lagging Expectations: TotalEnergies

OIL PRODUCTS

The 2023 recovery for petrochemicals is likely to be more muted than earlier expected according to a TotalEnergies executive speaking with Reuters – in a blow for Asian naphtha margins.

  • He cited tepid consumer spending in China as a key factor.
  • The slow recovery in petrochemicals has hit demand for feedstocks such as naphtha. Asian naphtha margins slipped back this month to lows seen in January.
  • On the weaker than expected China recovery, the TotalEnergies executive said -"Consumers want to socialise, meet people. Instead of spending on goods, they have been prioritising differently now."
  • That aligns with other overall market sentiment about a strong travel rebound in China post-lockdown but weakness in consumer spending.
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