China Oil, Gas and Chemical Sector "Weekly tracker: Refinery utilisation..."

Research evidence excerpt

China Oil, Gas and Chemical Sector "Weekly tracker: Refinery utilisation..."

Global Research

22 June 2026ab

China Oil, Gas and Chemical Sector Equities

ChinaWeekly tracker: Refinery utilisation and crude

inventory still declining; eyes on fluorochemicals Chemicals

Amily Guo

Analyst

amily.guo@ubs.com

Refining: Teapot refineries' utilisation declined to 45.74% +86-105-832 8845

SOE refineries' average utilisation edged up 0.23ppt WoW to 67.41% last week. Cheryl Wen

Utilisation at teapot refineries continued to decline by 2.9ppt WoW to 45.74%. China's Analyst

total crude throughput fell 128 kb/d WoW to 12,321kb/d by last week. As per Kpler S1460525030002

data, overall China crude inventory has been declining since early June and is at cheryl.wen@ubs.com

1,268MMbbl as of 22 June. +86-21-3866 8916

Richard Li

Chemicals: Polyester filament utilisation declined 2ppt/15ppt WoW/YoY Analyst

Ethylene: Naphtha-based ethylene utilisation was broadly flat WoW at 76%, while S1460121090003

MTO route utilisation declined 5ppt/11ppt WoW/YoY to 78%. Polyolefins: PE richard-ze.li@ubs.com

+86-21-3866 8802utilisation was flat WoW, at 80% (down 1ppt YoY), while PP utilisation decreased

1ppt/15ppt WoW/YoY to 63%. PDH utilisation increased 3ppt WoW to 66%. PVC Nayoung Kim

utilisation increased 1ppt WoW to 70% (down 9ppt YoY). Aromatics chain: PX Analyst

utilisation was flat WoW, at 77% (down 8ppt YoY), while PTA utilisation increased 4ppt nayoung.kim@ubs.com

+44-20-7568 4010WoW to 69% (down 13ppt YoY). Polyester filament utilisation declined 2ppt/15ppt

WoW/YoY to 74%. TDI utilisation rose 7ppt WoW to 71%, while MDI utilisation Jay LIN

declined 1ppt WoW to 82%. TiO2 utilisation was flat WoW, at 80%. Analyst

S1460525070001

PP/PE/silicone DMC inventory fell WoW jay.lin@ubs.com

+86-105-832 8044