China Oil Majors’ Operating Rates Slip for Turnarounds
The average operating rate of the CDUs at China’s state-owned refineries was 70.23% as of March 31, down 0.43% from last week.
This week, units at Sinopec Jinan Company, Sinopec Changling Company, CNOOC Oriental Petrochemical, CNOOC Huizhou Refinery (Phase II), the 3# CDU at Sinopec Tahe Company and the 2# CDU at Sinopec Jinling Company remained in maintenance. Meanwhile, CNOOC Ningbo Daxie Petrochemical started to take overhauls on March 30, so the average operating rate of the CDUs at China’s state-owned refineries kept decreasing. However, as the international crude oil prices continued to fluctuate, and China cut the ceiling wholesale price of gasoline and diesel on March 31, market participants showed tepid buying appetites. Therefore, the supply of refined oil from state-owned refineries remained ample.
Next week,
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