According to JinShi Futures, Shandong independent refineries’ gasoline production-to-sales ratio averaged 81% last week (May 4-10), up 3 percentage points from the previous week, while diesel ratio averaged 94%, up 10 percentage points. Gasoline demand benefited from post-holiday travel resumption, with terminals conducting modest restocking. Diesel demand was supported by infrastructure and logistics sectors, with increased terminal restocking as wholesale prices fell to lower levels.
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