Chinese refineries reduce runs due to low margins but consumer demand holds up, Rory Johnston notes

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02.06.2026

Chinese refineries reduce runs due to low margins but consumer demand holds up, Rory Johnston notes — China refinery cuts, consumer demand stable

Rory Johnston observes that it is logical for Chinese refineries to reduce operational runs and imports in response to collapsing margins.

However, Johnston finds it less intuitive that significant demand destruction has not occurred among Chinese consumers, who are protected from global price surges by domestic fuel price caps.

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Johnston previously reported the largest weekly pullback in net speculative positions on Brent crude during the war, highlighting a possible connection to moves in crude prices (Brent crude spec pullback). He has also noted that oil markets often overreact to geopolitical risk, and found recent market reactions surprising given initial conditions (oil market overreacts to risk). These observations offer further context to his comments on current Chinese refinery and consumer behavior.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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