On the demand end, the gasoline consumption will remain soft in the traditional seasonal low, while the gasoil consumption lacks strong support in the near term, with downstream players mostly on the sidelines.
China's #92 gasoline prices edged down with a weekly cut of 0.76 per cent, and #0 gasoil prices were flat in the reporting period (October 24 - 30) compared with the previous session though the crude prices closed the session with growth. The Chinese government lowered the refined oil guiding retail prices in the last round of price adjustment, which prompted some end-market players to stockpile appropriately. But the demand end was relatively flat, and the transactions rarely improved. Some state-owned refineries' sales offices launched promotion campaign to boost the sales by month-end, hence the refined oil prices were relatively soft in the reporting period.
Also read: China's natural gas demand gains seasonal momentum as imports rebalance and domestic supply expands
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