BIG jump in Chinese state-owned refinery run rates following a very slow Hormuz recovery. State-owned refinery run rates are one of the two most important high frequency indicators of Chinese crude demand alongside tanker tracked crude imports. This recovery in state-owned runs is currently bigger than the tentative recovery in crude imports, and represents real crude consumption. These run rates, if sustained, will start drawing Chinese crude stocks much faster absent a sharper and durable recovery in crude imports.

BIG jump in Chinese state-owned refinery run rates following a very slow Hormuz recovery. State-owned refinery run rates are one of the two most important high frequency indicators of Chinese crude demand alongside tanker tracked crude imports. This recovery in state-owned runs is currently bigger than the tentative recovery in crude imports, and represents real crude consumption. These run rates, if sustained, will start drawing Chinese crude stocks much faster absent a sharper and durable recovery in crude imports.

Source:https://x.com/staunovo/status/2081805241041945000