China's gasoline and gasoil supply (total domestic production minus net exports) recorded a monthly fall of 6.51% and 7.45% respectively at 13.12 million tonnes and 16.36 million tonnes in June, down 2.91% and 13.95% from last year, OilChem data showed.
The June supply of gasoline and gasoil both dropped to the annual in 2024 amidst intensive refinery maintenance and traders standing on the sidelines for soft demand.
Looking back on the past three years, the gasoline supply in June dropped to the medium level over the same period in 2022-2024. The supply was the lowest in 2022 due to the lingering pandemic impact and rebounded in 2023 after the scrap of covid-zero policy.
Source: Mysteel OilChem
For gasoil, the June supply touched a three-year low in 2024 over the same period in 2022-2024, and the supply in 2022 and 2023 showed the same pattern as gasoline. But the gasoil supply was more greatly influenced by the sagging demand.
Looking ahead, OilChem expects China's gasoline and gasoil supply will rebound 8.19% and 4.82% month on month respectively in July at 14.19 million tonnes and 17.15 million tonnes with refineries resuming the production from routine maintenance and the upcoming traditional peak season in September and October.
Written by Aggie Hu, huchenying@mysteel.com
Edited by Navy Liu, liuchuanjun@mysteel.com