SinoChem (600500 CH) reportedly cut throughput at its 300k BPD Quanzhou refinery to ~60%, sources say; also reduces operations at steam cracker to ~60%; seeking prompt delivery crude oil, including Russian oil under waver, to cover the supply gap
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SinoChem (600500 CH) reportedly cut throughput at its 300k BPD Quanzhou refinery to ~60%, sources say; also reduces operations at steam cracker to ~60%; seeking prompt delivery crude oil, including Russian oil under waver, to cover the supply gap
BofA weekly flow report notes investors buy the dip in stocks and bonds amid energy price surge
European Movers: Unilever (ULVR LN) +1.1%, Lufthansa (LHA GY) +1.0%, Novartis (NOVN SW) +0.5%, BAE Systems (BA/ LN) -0.6%, Smiths Group (SMIN LN) -3.5%
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Context
SinoChem's decision to cut throughput at its Quanzhou refinery signals potential supply constraints in the market, especially with a significant reduction to 60%. This likely indicates a reaction to either lower demand or feedstock issues, prompting them to seek crude oil to cover gaps, including from Russian sources. Traders should watch for implications on oil prices and broader sentiment in the energy sector as these adjustments could affect supply dynamics.
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