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Chinese Oil Imports Spike

Oil imports

1. Chinese Oil Imports Soar to New Highs

- Chinese crude imports have reached their highest level since June 2020, with the country’s General Administration of Customs showing 52.3 million tons of oil imported, up 22% year-on-year.

- Despite GDP growth slowing down to 5% this year, China’s oil demand has been greatly boosted by the removal of stringent travel curbs and re-emerging flight activity.

- According to Kpler data, exports of Chinese products plunged last month to a third of December 2022 readings (when they hit an all-time high), a mere 650,000 b/d.

- Chinese refiners have been buying a great deal of spot cargoes from the Asian market, but they might prefer to run down their stocks in the summer as the OPEC+ production cut limits oil availability and hikes prices.

2. Diesel Cracks Weaken Despite Supply Woes

- European diesel margins reached their lowest levels this week since the Russia-Ukraine war began in late February 2022 and boosted the profitability of refiners.

- Falling as low as 17 per barrel, profit margins for refining crude into diesel are less than a quarter of the all-time high of more than 80 per barrel recorded in October 2022 amidst widespread concerns that the loss of Russian diesel would disrupt European demand.

- The closure of French refineries by striking trade unions has curtailed diesel supply in Northwest Europe, at the same time the widespread protests have also curbed driving…





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