China's LPG market experienced a sharp correction last week, with Brent crude falling nearly 9% and domestic LPG prices dropping more than 5%.However, fundamentals remain more resilient than prices suggest. While optimism surrounding U.S.-Iran negotiations has reduced geopolitical risk premiums, Mid

On the demand end, the government will likely lower the guiding refined oil retail prices in the next round of price adjustment, and the gas stations have extended the promotions, benefiting the sales. In addition, the reduced rains will slightly boost refined oil consumption as well.

China's exports of refined oil products fell sharply both month-on-month and year-on-year in April, influenced by geopolitical tensions and domestic supply security policies, despite high export margins. Nevertheless, there are expectations of a relaxation on export control in May against high inven

On the demand end, the government raised the guiding retail prices for refined oil in the last round of price adjustment, constraining downstream demand. For gasoil, the rains will slow the demand recovery.

in April, China's imports of green petroleum coke (GPC) declined 12.36% month-on-month, though volumes remained historically high at 1.24 million tonnes, and exports fell more sharply, dropping by 52.38% month-on-month to just 11,900 tonnes.