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

Research evidence excerpt

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

Global Research

7 July 2026ab

China Oil, Gas and Chemical Sector Equities

ChinaWeekly tracker: Declining petrochemicals (PE/PP/

PX) inventory Chemicals

Amily Guo

Analyst

amily.guo@ubs.com

Refining: teapot refinery maintenance has increased +86-105-832 8845

SOE refineries' average utilisation declined 0.15ppt WoW to 67.9% last week. Cheryl Wen

Utilisation at teapot refineries dropped 0.72ppt WoW to 42.95%. China's total crude Analyst

throughput declined 293kb/d WoW to 12,069kb/d last week, mainly due to increased S1460525030002

maintenance at teapot refineries. As per Kpler data, overall China crude inventory cheryl.wen@ubs.com

continued to fall and was down to 1,246mmbbl by July 6. +86-21-3866 8916

Richard Li

Chemicals: aromatics chain utilisation down significantly Analyst

Ethylene: naphtha-based ethylene utilisation declined 1ppt WoW to 75% (down 4ppt S1460121090003

YoY), while MTO route utilisation declined 1ppt WoW, it was down 5ppt YoY to 80%. richard-ze.li@ubs.com

+86-21-3866 8802Polyolefins: PE utilisation decreased 1ppt WoW/2ppt YoY to 80%, while PP utilisation

was down 1ppt WoW to 63% (down 12ppt YoY). PDH utilisation fell 4ppt WoW to 64% Nayoung Kim

(flat YoY). PVC utilisation decreased 2ppt WoW from 70% to 68%. Aromatics chain: PX Analyst

utilisation declined 8ppt/13ppt WoW/YoY to 68%, while PTA utilisation decreased nayoung.kim@ubs.com

+44-20-7568 40107ppt/18ppt WoW/YoY to 61%. Polyester filament utilisation was broadly flat WoW at

74% (down 15ppt YoY). MDI/TDI utilisation declined 2ppt/3ppt WoW to 72%/ 66%, Jay LIN

while TiO2 utilisation was down 2ppt WoW to 77%. Analyst

S1460525070001

Notable decline in PE inventory WoW jay.lin@ubs.com

+86-105-832 8044