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Increase in Chinese refinery runs y-on-y


Chinese refinery runs gained 5.6% y-on-y in June, to an average of 10.2 mmb/d (the second highest rate ever), even as crude imports registered a 10% growth y-on-y to 6.1 mmb/d over the same period.

Firstly, it seems that refiners have continued to keep runs restrained due to the slowing growth in oil product demand. Secondly, the data suggests that apart from refinery runs, a significant proportion of crude imports go into stockpiling. While China's refinery runs will likely remain at single-digit growth rates for the rest of 2014, there could be some room for growth given the increase in refining capacity this year.


Further information on FGE's China Oil Service can be found online by clicking on the link below.


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