China May gasoil demand to keep contracting YoY

China's gasoil market is set for a modest seasonal recovery in May, but both production and consumption will remain below yearago levels as alternative energy continues to erode demand, while exports may rise slightly to support ASEAN countries.

Despite a seasonal recovery in May, China's gasoil production and consumption are both expected to keep contracting compared with the same period last year amidst sustained substitution of alternative energy, according to OilChem's survey. In detail, China's daily gasoil consumption is estimated at around 538,700 tonnes/day in May, rising 7.74%