Accelerating stockdraws are prompting Chinese independent refners to begin restocking crude for June and July. China’s transport ministry forecasts road trafc to exceed 2019’s pre-pandem- ic levels during this year’s 1-5 May Labour Day public holiday. Gasoline margins are strong, encouraging domestic trading frms to step up purchases of fuel from China’s structurally oversupplied northern provinces. Independent refners in Shandong and Liaoning increased crude run rates to 76pc in April from 74pc in March, Argus surveys indicate, to meet anticipated fuel requirements.
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