A Glance of China Oil Market 20260921

Weekly News

Shandong independent refineries likely to slow production in Oct on feedstock shortage

When the ongoing US-Iran standoff continues to unsettle markets, with persistent Middle East tensions driving international crude prices steadily higher, Brent has climbed to a high of $107/bbl, and differentials across crude grades remain elevated. Amid rising imported crude costs, tightening crude availability at independent refineries has raised concerns over their production scheduling ahead.

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China LPG ports see destocking on tight import arrivals

As of September 17, China's LPG port inventories stood at 2.1375 million tonnes, down 161,500 tonnes, or 7.03%, week-on-week. Strait of Hormuz shipping disruptions have curbed China's LPG import arrivals. Supported by resilient demand from PDH units, port stocks have entered a drawdown phase. Specifically, the port tank-utilization rate fell from an annual high of 42.66% in early August to 31.63% as of September 17, representing a drop of more than 10 percentage points.    

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Gasoline, gasoil stocks at China independent refiners hit 5-year low

For the week ending September 10, 2026, the gasoline and gasoil stocks at China's independent refiners dropped to 5-year lows. National refinery operating rates edged down after 8 straight weeks of gains. Supply-demand imbalance and geopolitical cost pressures have driven sharp price gains, tightening the finished oil market.  

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