China processed a lower volume of crude in April as refiners shut operations to conduct planned seasonal maintenance.
The Asian nation refined 58.79 million tons of crude last month, almost 4% lower than the same period last year, data released by the government show. That’s equivalent to 14.36 million barrels a day, the lowest since December.
Fuel demand is showing weakness, especially for diesel as industrial activity slows and oil-to-gas switching in trucking gathers momentum. Operating rates for Chinese state refineries fell to 75.57% of capacity in the week to May 16, the lowest since mid-December, according to OilChem.