A Glance of China Oil Market 20260407

On the demand end, the three-day Qingming Festival in China will boost gasoline consumption, with increase capped by high gasoline prices. The gasoil demand will remain supported by spring farming, and the high prices will keep constraining demand in logistics and outdoor constructions.

A Glance of China Oil Market 20260407

Weekly News

China gasoil production to fall 10% MoM in Apr on run cut

China's gasoil market is expected to see palpable inventory drawdown in April with domestic refineries controlling the production on the backdrop of feedstock supply uncertainties, while the overall supply is expected to remain ample against improving demand, OilChem's data showed. In April, the outdoor construction is expected to ramp up, while the agricultural demand will likely see the largest increase. However, logistics demand may be constrained by high gasoil prices, resulting in only a modest recovery. In this case, the gasoil consumption is projected to post limited month-on-month growth but a sustained year-on-year decline. Read Full Story

2026 naphtha imports to exceed 18 mln t on downstream capacity expansion

After a historic breakthrough in January-February, China's naphtha imports are very likely to surpass 18 million tonnes in the year, largely because a wave of naphtha-fed ethylene cracking units will come online. China imported 3.86 million tonnes in total in the first two months this year, a sharp of 110.62% year-on-year and 114.62% higher than the same period in 2024, according to data from the General Administration of Customs of PRC (GACC). Based on current import trends--if monthly naphtha imports remain at a high level of 1.50 to 1.80 million tons--annual imports for 2026 are projected to easily surpass 18 million tonnes, setting a new historical record. Read Full Story

China's met coke outlook for Apr turns optimistic

Mysteel has learned from sources that several coke plants in North China's Shanxi province have scheduled facility maintenance this month, which could tighten supplies of this feed material to Tangshan city, the country's top steelmaking hub in North China's Hebei province. The actual implementation of the maintenance plan, however, will also depend on the profitability of local coke producers going forward. They may postpone the maintenance plan and keep steady operations if their profit margins improve, the report points out. Read Full Story