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PetroChina Expects Fuel Recovery in Q4

ENERGY

China’s refined fuel and gas demand is expected to rise year on year in Q4 according to PetroChina as the government rolls out stimulus.

  • The company incurred an 8.92 billion yuan ($1.23 billion) loss on domestic gas wholesale prices because of government price caps in Q3, with the company unable to pass on the soaring increase in imported gas prices to consumers.
  • PetroChina said they are raising gasoline and aviation fuel exports because demand for both fuels was hit harder than that of diesel due to covid related demand destruction.
  • Beijing released 15 million tonnes of fuel export quotas in late September, mostly to refiners including PetroChina – helping to take some pressure off tight global diesel stocks.
  • Signs of sustained covid lockdowns in China have weighed on the upside in crude market prices this week.
  • Brent DEC 22 down -0.5% at 96.51$/bbl
  • WTI DEC 22 down -0.7% at 88.47$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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