China Diesel Inventory Increased in Mid-February

In early February, the demand for diesel dropped to the annual low during the Spring Festival holiday. After the holiday, the international crude oil prices went up, and most market participants held bullish sentiments towards the diesel market. Therefore, the refineries replenished stocks intensively, and the diesel inventory obviously increased from the end of January.

Recently, international crudeoil prices will continue to fluctuate upward, and it is predicted that China’s refined oil prices will rise at the end of February. This week, the demand for diesel will obviously improve, giving support to the sales of diesel. Accordingly, SCI reckons that China’s diesel prices will increase by RMB 100-200/mt by the end of February.

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