JPMorgan flags PetroChina, Nan Ya Plastics and LG Chem as China crude imports seen recovering from August

JPMorgan said China’s crude imports fell to 7.8 million barrels a day in May, an eight-year low, and held at around 8 million barrels a day in June as strategic stock releases and disruptions from the Middle East conflict weighed on flows. The bank expects imports to gradually recover from August, estimating that about 3 million barrels a day of the drop is temporary as China refills reserves and chemical-sector demand rebounds. It also said that if Beijing lifts its ban on refined fuel exports via general trade, shipments could rise 88% to 160% from first-half levels, tightening the global oil balance.