China independent refineries' gasoline and gasoil production is estimated to have reached 3.80 million tonnes and 7.46 million tonnes respectively in July, which edged up 3.24% and 1.29% month on month (MoM), down 12.57% and 1.38% year on year (YoY), accordingly to OilChem survey.
Correspondingly, the independent refineries' crude oil throughput rose 2.1% MoM at 19.62 million tonnes in July, down 11.51% YoY. And the CDU capacity utilization rates averaged 56.11%, a monthly drop of 0.69 percentage point, against an annual fall of 7.3 percentage points.
The gasoline and gasoil production of independent refineries was little changed in July primarily because the refining profits hovered low during the month. And the annual fall was mainly caused by the high base last year when the refineries raised the production on robust consumption.
Source: Mysteel OilChem
Looking ahead, it is projected that the independent refineries will maintain the CDU capacity utilization rates at a low level amidst narrow profits and flat demand.
Written by Aggie Hu, huchenying@mysteel.com
Edited by Navy Liu, liuchuanjun@mysteel.com