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OIL
Profit margins at China’s independent refiners turned negative in late October for the first time since early January driven by higher crude prices and weakening demand for diesel and gasoline according to JLC.
- The independent refiners know as teapots account for about a quarter of China’s processing capacity with most located in the Shandong province.
- Run rates at facilities in the Shandong province were the lowest since May 2022 around 57% in early Nov according to OilChem. JLC forecasts China independent refiners to lower runs by 5%-10% in November m/m, to 4.5m to 4.75mbpd, before a further 3% reduction in December.
Source: Bloomberg
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.
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