China Oil, Gas and Chemical Sector: Weekly tracker: Chemical stock index down 9% since June; PP/PVC/PFY inventory down WoW

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China Oil, Gas and Chemical Sector: Weekly tracker: Chemical stock index down 9% since June; PP/PVC/PFY inventory down WoW

Global Research

14 July 2026ab

China Oil, Gas and Chemical Sector Equities

ChinaWeekly tracker: Chemical stock index down 9%

since June; PP/PVC/PFY inventory down WoW Chemicals

Amily Guo

Analyst

amily.guo@ubs.com

Refining: teapot refinery utilisation improved; crude inventory built +86-105-832 8845

SOE refineries' average utilisation declined 0.12ppt WoW to 67.8% last week. Cheryl Wen

Utilisation at teapot refineries recovered by 3.6ppt WoW to 46.58% as some refineries Analyst

increased their utilisation on improving refining margins. China's total crude throughput S1460525030002

declined 236kb/d WoW to 11,833kb/d last week. As per Kpler data, China crude cheryl.wen@ubs.com

inventory turned from a draw to a build last week (overall level at ~1,288mmbbl by this +86-21-3866 8916

Monday). Richard Li

Chemicals: utilisation of PX declined sharply WoW S1460121090003

Ethylene: naphtha-based ethylene utilisation declined 2ppt WoW to 73% (down 7ppt richard-ze.li@ubs.com

+86-21-3866 8802YoY), while MTO route utilisation increased 2ppt WoW; it was down 4ppt YoY to 82%.

Polyolefins: PE utilisation decreased 1/1ppt WoW/YoY to 79%, while PP utilisation Nayoung Kim

increased 2ppt WoW to 66% (down 9ppt YoY). PDH utilisation was broadly flat WoW at Analyst

64%. PVC utilisation decreased 3ppt WoW from 68% to 65%. Aromatics chain: PX nayoung.kim@ubs.com

+44-20-7568 4010utilisation declined 7ppt WoW to 61% (down 19ppt YoY), while PTA utilisation

decreased 4ppt WoW to 58% (down 23ppt YoY). Polyester filament utilisation was Jay LIN

broadly flat WoW at 74% (down 15ppt YoY). TDI utilisation declined 3ppt WoW to Analyst