- China refineries running at near-record levels as demand recovery takes hold
- Chinese refineries processed 14.14 MMBbl/d in March, a 20% year-over-year increase
- The country has seen record economic growth in 1Q2021, posting a year-over-year % increase of 18.30%; Though, we note this number may be skewed as the country was dealing with lockdowns and economic declines a year ago
- India's COVID resurgence hammers fuel sales as lockdowns spread (Bloomberg)
- Gasoline demand fell by about 5% from April 1 — 15, according to Bloomberg
- LPG and Jet fuel are both on track for month-over-month declines of 6.4% and 7.6%
- Strong buying in the Asian physical crude market bodes well for improved demand (Bloomberg)
- Rongsheng Petrochemical co. snapped up over 7 MMBbls of crude for delivery from June-July, up 2 MMBbls from March, for its largest monthly volume purchased since October
- The purchases are an encouraging sign for the spot market, as it struggled in March as U.S.-sanctioned Iranian crude flooded the market, while demand weakened