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Daily China Oil Summary: Crude Throughput to Continue Fall

OIL

China's crude throughput is set to continue the downtrend in December both from state-run and independent refineries due to weak domestic demand and a decline in oil product exports according to S&P Commodity Insights.

  • China’ production of gasoline and gasoil is expected to each decline by around 10% on the month in November, according to OilChem. Gasoline production will fall 10.3% to 13.59m mt. This is also down 3.62% on Nov. 2022. Gasoil production will see a sharper fall, down 11.7% to 18.59m mt, and down 11.9% on the previous year.
  • CDU capacity utilisation rates at China’s independent refineries were down 0.57 percentage points to average 63.64% in the week to Nov. 30, according to OilChem.
  • DATA: China's manufacturing Purchasing Managers' Index fell by 0.1 points to 49.4 in November, staying in the contractionary zone below the breakeven 50 mark for the second month, as some manufacturing industries entered the traditional off-season and weak demand weighed, data from the National Bureau of Statistics showed.
  • YUAN: The currency weakened to 7.1310 against the dollar from 7.1246 on Wednesday.
  • The Fed will begin benchmark interest rate cuts in 2024 which will strengthen the yuan and open up monetary-policy space for The People’s Bank of China, according to Hao Hong, chief economist at Grow Investment Group.
Energy BulletsCommodities
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