A Glance of China Oil Market 20260309

Weekly News

OilChem: China refined oil shipment accelerates amidst geopilitical risks

Amid ongoing geopolitical conflicts in the Middle East, persistently rising crude oil prices have driven up domestic refined oil prices in China on expected cost inflation. This has spurred active downstream procurement, despite relatively soft demand following the Chinese New Year (CNY) holiday. On February 28, Israel launched a military strike against Iran, abruptly escalating geopolitical risks in the Middle East. The Strait of Hormuz, a critical chokepoint for approximately 30% of global seaborne trade, was subsequently declared closed. Read Full Story

OilChem: Middle East conflict disrupts LPG flows, Chinese prices surge

A major escalation in Middle East tensions has sent shockwaves through China's liquefied petroleum gas (LPG) market, with prices jumping sharply following the closure of the Strait of Hormuz-a critical waterway for global energy shipments. The impact on LPG markets has been immediate. According to shipping sources, only Iranian and Chinese vessels are currently permitted to transit the strait, while other nationalities have halted operations. The Middle East is China's primary LPG source, accounting for about 50% of total imports. Read Full Story

China Feb refined oil exports down 5% MoM by shipping fixture

China's refined oil exports reported a monthly reduction of around 5% based on OilChem's tracking of the shipping fixture, which is largely due to contracting gasoline exports amidst robust domestic consumption during the Chinese New Year (CNY) holiday as well as poor export margins. In detail, China's refined oil exports recorded around 1.59 million tonnes by shipping fixture, down 5.26% from the shipping fixture in the previous month, which consisted of 0.27 million tonnes gasoline, 0.49 million tonnes gasoil, and 0.83 million tonnes kerosene. (the exports include those under general trade mode and exclude those to bonded zone) Read Full Story