China Oil, Gas and Chemical Sector "Weekly tracker: Crude inventories..."

Research evidence excerpt

China Oil, Gas and Chemical Sector "Weekly tracker: Crude inventories..."

Global Research

9 June 2026ab

China Oil, Gas and Chemical Sector Equities

ChinaWeekly tracker: Crude inventories continued to

decline; Major chemicals inventory also fell Chemicals

Amily Guo

Analyst

amily.guo@ubs.com

Refining: China crude inventories in mild downtrend +86-105-832 8845

SOE refineries' average utilisation rose 0.18ppt WoW to 67.78% last week. Utilisation at Cheryl Wen

teapot refineries averaged 51.1%, edged down by 0.2ppt WoW. Per Kpler data, overall Analyst

China crude inventories trended down to 1,297MMbbl from a peak level (since 2025) of S1460525030002

1,345MMbbl at the end of April, mainly due to the decrease in refineries' inventory cheryl.wen@ubs.com

(from 319MMbbl to 299MMbbl). According to Sci, China's crude throughput totalled +86-21-3866 8916

12,572kb/d, down 31kb/d WoW. Domestic gasoline and diesel average market prices Richard Li

rose Rmb6/t to Rmb8,042/t and fell Rmb47/t to Rmb7,163/t, respectively, due to some Analyst

crude cost support although the effect remained limited. S1460121090003

richard-ze.li@ubs.com

Chemicals: MTO utilisation down 6ppt WoW +86-21-3866 8802

Ethylene: naphtha-based ethylene capacity utilisation was flat WoW at 78% (+4 ppt Nayoung Kim

YoY). MTO route utilisation dropped 6ppt WoW to 83%. Polyolefins: PE utilisation Analyst

increased 1/1ppt WoW/YoY to 81%, while PP utilisation decreased 1/12ppt WoW/YoY nayoung.kim@ubs.com

+44-20-7568 4010to 64%. PDH utilisation rose 2ppt WoW to 64%. PVC utilisation increased 1ppt WoW

to 70%. Aromatics chain: PX utilisation fell 1/7ppt WoW/YoY to 78%, while PTA Jay LIN

utilisation rose 4ppt WoW to 63% (down 15ppt YoY). Polyester filament utilisation Analyst

decreased 1/7ppt WoW/YoY to 82%.