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Chinese Refining Set to Tick Higher but Economic Recovery Remains Mixed

OIL

Executive summary:


  • Jet demand remains strong as Chinese air travel ascends towards peak summer demand levels. Domestic travel remains the key area of strength while international still lags well behind 2019 levels.
  • Chinese crude imports surged in June, indicative of a demand surge but an increase in domestic stockpiles to near record highs suggests a more bearish signal for the markets with refiners likely to dip into inventories in H2 2023.
  • Planned refinery output for July indicates higher domestic gasoline demand versus gasoil, also apparent in the planned export schedule for July as well as the early July export pace.
  • Petrochemical margins have slumped this year following a longer-term trend as China unleashes new capacity onto the market at the same time as global demand is waning.


    • Full piece here:


    MNI Commodity Analysis- Chinese Refining Set to Tick Higher but Economic Recovery Remains Mixed.pdf


    Energy BulletsCommodities
    Energy BulletsCommodities

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