Chinese refineries processed 2.2% less crude last month, averaging 14.52 million barrels per day, as war-related disruptions constrained supply and weighed on margins for both Oil – Brent Crude and Oil – US Crude. While gasoline and kerosene output declined, modest growth in diesel production and record domestic crude and rising Natural Gas output highlight Beijing’s push to secure energy amid volatile import flows.
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Over the past month, Brent has fallen about 6.7% and WTI is down roughly 4.9%, reflecting softer demand expectations from China and concerns over supply dislocations, with both posting a 1-day Hold and Hold technical stance, respectively. Natural gas has dropped around 14.5% in the same period as additional Chinese output adds to global oversupply signals, and the 1-day technical view screens as Sell, underscoring persistent bearish momentum.
Investors can explore more updates, prices, and analysis across global markets at Commodities.