China's Refinery Operating Rates Fall as Middle East Tensions Tighten Fuel Oil Supply

According to a report from Huawen Futures cited by Jin10 on June 3, China's refinery operating rates continued to decline amid heightened Middle East geopolitical tensions and lower prospects for Hormuz Strait traffic recovery. The tightening fuel oil supply contrasts with weakening domestic vessel fuel demand, though bunker fuel demand in bonded areas increased. Asian fuel oil markets remain in tight supply as crude prices continue to climb.
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