China expected to lower its refinery runs on account of Covid

News: As per OilPrice.com, China’s refiners are expected to lower their refinery runs at the biggest scale, by nearly 1 million barrels per day, as new COVID-related lockdowns weigh on fuel consumption

Views: China’s gasoline demand has suffered in recent weeks, and is expected to weigh on gasoline cracks (an event to watch our for). IEA has lowered global oil demand by 2.6 lakh bpd to 99.4 million bpd, to reflect on the return of lockdown in China

Impact: Negative