Chinese State Refineries Boost Crude Run Rates as Imports Lag 3.87 Million Barrels A Day
China’s state-owned refineries have sharply increased crude run rates following a gradual recovery in shipments through the Strait of Hormuz, representing a stronger indicator of underlying oil consumption than import data alone. State-owned processing rates serve as one of the two primary high-frequency indicators of Chinese crude demand, alongside tanker-tracked imports.
The recovery in refinery run rates is currently outpacing the tentative rebound in crude imports and, if sustained, will accelerate the drawdown of Chinese crude stocks without a sharper rise in purchasing volumes. Meanwhile, China’s overall crude imports remain down 3.87 million barrels a day compared with the same period last year.
From the sources (8 posts)
@oilheadlinenewsChina’s Crude Imports in July Poised to Rebound From Decade Low - Bloomberg China’s crude imports this month are expected to rebound from the lowest level in more than a decade after flows through the Strait of Hormuz accelerated and refin
@oilheadlinenewsSeaborne imports are expected to average about 7.8 million barrels a day in July, according to preliminary figures from data analytics firm Kpler. That’s up from a daily rate of 6.2 million barrels in June, which was the lowest since Novemb
@ericwallersteininteresting analysis suggesting China crude demand could remain more than 1mbd below 2025 levels
@macroedgeresChinese oil demand bouncing as expected
@hfi_researchChinese crude imports are still down 3.87 million b/d y-o-y.
@rory_johnstonBIG jump in Chinese state-owned refinery run rates following a very slow Hormuz recovery. State-owned refinery run rates are one of the two most important high frequency indicators of Chinese crude demand alongside tanker tracked crude imp
@staunovoRT @Rory_Johnston: BIG jump in Chinese state-owned refinery run rates following a very slow Hormuz recovery. State-owned refinery run rate…
@staunovoRT @HFI_Research: Chinese crude imports are still down 3.87 million b/d y-o-y.