MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: China Crude Throughput May Fall 1% y/y in 2024 on Teapot Run Cuts: OilChem

OIL
BulletEnergy BulletsCommodities

Run rate cuts by China’s independent refiners due to weak margins could result in a 1% drop y/y in China’s crude throughput in 2024 while crude imports are expected to fall 1.2% y/y, according to Liao Na at Mysteel OilChem cited by Bloomberg.

  • China’s gasoline crack spread fell 8% over Jan.-Aug, while the diesel crack fell 35% and jet crack spread fell 24%.
  • Fuel displacement from EVs and LNG-powered trucks is weighing on gasoline and gasoil consumption this year. Gasoline demand will decline 1.9% y/y in 2024 and drop 1.2% y/y in 2025 after peaking in 2021. Gasoil demand peaked in 2018 and is expected to fall 5.3% this year and 3.2% in 2025.
  • However, Jet fuel demand is forecast to increased 12% y/y in 2024 and 9% in 2025.
127 words

To read the full story

Close

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.

Run rate cuts by China’s independent refiners due to weak margins could result in a 1% drop y/y in China’s crude throughput in 2024 while crude imports are expected to fall 1.2% y/y, according to Liao Na at Mysteel OilChem cited by Bloomberg.

  • China’s gasoline crack spread fell 8% over Jan.-Aug, while the diesel crack fell 35% and jet crack spread fell 24%.
  • Fuel displacement from EVs and LNG-powered trucks is weighing on gasoline and gasoil consumption this year. Gasoline demand will decline 1.9% y/y in 2024 and drop 1.2% y/y in 2025 after peaking in 2021. Gasoil demand peaked in 2018 and is expected to fall 5.3% this year and 3.2% in 2025.
  • However, Jet fuel demand is forecast to increased 12% y/y in 2024 and 9% in 2025.