China Oil, Gas and Chemical Sector: Weekly tracker: SOE refinery utilisation improves; inventory of major chemicals down WoW

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China Oil, Gas and Chemical Sector: Weekly tracker: SOE refinery utilisation improves; inventory of major chemicals down WoW

Global Research

27 July 2026ab

China Oil, Gas and Chemical Sector Equities

ChinaWeekly tracker: SOE refinery utilisation improves;

inventory of major chemicals down WoW Chemicals

Amily Guo

Analyst

amily.guo@ubs.com

Refining: meaningful improvement of SOE refinery utilisation +86-105-832 8845

According to SCI99, SOE refineries' average utilisation improved 2.4ppt WoW to 70.1% Cheryl Wen

last week, returning to the 70% level for the first time since late April. Utilisation at Analyst

teapot refineries edged down by 0.2ppt WoW to 48.4%. China's total crude S1460525030002

throughput increased by 373kb/d WoW to 12,319kb/d last week. According to Kpler cheryl.wen@ubs.com

data, China crude inventory posted a modest decline and the overall level stood at 1,274 +86-21-3866 8916

mmbbl as of this Monday. Richard Li

Chemicals: Most chemical utilisation rates were generally stable WoW S1460121090003

Ethylene: naphtha-based ethylene utilisation increased 3ppt WoW to 74% (down 6ppt richard-ze.li@ubs.com

+86-21-3866 8802YoY), while coal-based route utilisation declined 3ppt WoW to 81% (down 5ppt YoY).

Aromatics chain: PX utilisation was broadly flat WoW at 61% (down 20ppt YoY), while Nayoung Kim

PTA utilisation increased 2ppt WoW to 60% (down 21ppt YoY). Polyester filament Analyst

utilisation was broadly flat WoW at 75% (down 15ppt YoY). TDI utilisation increased nayoung.kim@ubs.com

+44-20-7568 40105ppt WoW to 69%, while MDI utilisation declined 1ppt WoW to 71%. Polyolefins: PE

utilisation increased 4ppt WoW to 82% (up 1ppt YoY), while PP utilisation was broadly Jay LIN

flat WoW at 67% (down 8ppt YoY). PDH utilisation declined 4ppt WoW to 63%. PVC Analyst