China’s Oil Demand Outlook Is Worsening as Winter Approaches
- Profit margins at independent refiners have turned negative
- Revenge travel in China seems to be wearing off, says FGE
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The oil demand outlook in China, the world’s biggest importer, isn’t offering much inspiration to bulls as the end of the year approaches.
Refining margins are falling, crude and fuel stockpiles are building and a hoped-for sharp jump in air travel still hasn’t eventuated. That’s mirroring the situation in the wider economy, where business and consumer confidence remain low despite government efforts to juice growth.