- Oil trades marginally lower this morning
- WTI is trading above $90/Bbl amid concerns about weaker demand
- China’s southern manufacturing hub Guangzhou had the biggest Covid outbreak on Monday since May
- Total new cases reached their highest level (7,475) since April, and varying levels of restrictions are still in effect in Shanghai, Wuhan, and other cities
- It is unclear how long China will maintain its Covid-zero policy; its strict COVID restrictions continue to have an adverse impact on oil demand
- China adds new refinery capacity amid global refining shortage (Reuters)
- In Guangdong, PetroChina began testing production at a 200 MBbl/d crude facility
- Shenghong Petrochemical is preparing to launch its 320 MBbl/d plant in Jiangsu province after being delayed due to the pandemic
- Global refinery capacity has proved unable to keep up with growth in fuel demand as a result of the manufacturing and freight-led recovery after the pandemic