Helping boost oil demand, China's manufacturing sector continued to strengthen in June. From 50.7 in May, the Caixin manufacturing purchasing managers' index (PMI) for China increased to 51.2 in June. Demand also picked up, with the sub-index for total new orders expanding for the first time since January.
Sub-indexes for stocks of purchased items and the quantity of purchases both hit the highest levels since the first quarter of 2018, reflecting manufacturers' growing willingness to expand production. However, new export orders continued to fall, indicating continued weakness in overseas markets because of the coronavirus pandemic.
An economic rebound after the lifting of coronavirus restrictions helped send China's crude imports to a record high of 11.29mn b/d in May. As refiners raise runs and take advantage of strong margins for diesel in particular, imports are likely to stay strong in June and July. However, deliveries may fall back in August amid high stocks.
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Published on July 6, 2020 5:34 PM (GMT+8)Last Updated on July 6, 2020 5:34 PM (GMT+8)
