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Oil Bulls Buoyed by Chinese Traffic Jams and Busy Factories


Oil Bulls Buoyed by Chinese Traffic Jams and Busy Factories
Bloomberg
1 hr ago
Bloomberg News
© Bloomberg
Oil storage tanks are seen in this aerial photograph taken on the outskirts of Ningbo, Zhejiang Province, China, on Wednesday, April 22, 2020.
(Bloomberg) Chinese traffic and factory activity is not only back to normal, it’s surpassing pre-virus levels, underpinning the global oil demand recovery.
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The robust consumption from China the world’s biggest crude importer that’s also on track to become the No. 1 refiner this year offers support to oil bulls. That’s especially true because India, Asia’s other main demand center, is dealing with a brutal new wave of the coronavirus that’s leading to deserted streets and itinerant workers fleeing major cities. ....

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China's refinery output up nearly 20% on demand recovery | Hellenic Shipping News Worldwide


China’s refinery output up nearly 20% on demand recovery
China’s daily crude oil throughput surged 19.7% in March from a year earlier, as refiners ramped up operations to meet robust fuel demand and to build up inventory before shutting down for overhaul.
China processed 59.79 million tonnes of crude oil last month, data issued by the National Bureau of Statistics (NBS) showed on Friday. That is equivalent to 14.08 million barrels per day (bpd), easing off 14.13 million bpd averaged in the first two months.
The strong year-on-year growth was in part due to a low base a year earlier when Chinese fuel demand was badly hit by coronavirus that forced refineries to slash production. ....

Chen Aizhu , Michael Perry , Muyu Xu , National Bureau Of Statistics , National Bureau , Seng Yick Tee , மைக்கேல் பெர்ரி , தேசிய பணியகம் ஆஃப் புள்ளிவிவரங்கள் , தேசிய பணியகம் ,

China's refinery output up nearly 20% on demand recovery

China's refinery output up nearly 20% on demand recovery
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