China Jan gasoline demand to contract YoY on holiday impact

China's gasoline market in January 2026 shows a seasonal rebound from December lows but remains weaker year-on-year due to an earlier peak travel period in 2025, with demand projected to rise month-on-month but fall annually, while supply increases and inventories grow.

China's gasoline supply and demand are expected to gradually recover in January 2026 from the seasonal low in the previous month, while the fundamentals are weak compared with the same period last year when the holiday travel reached its peak, leading to an annual contraction. China's gasoline consumption is estimated