China’s independent refineries raised run rates to a fresh record high of 77.9% in May, with refining margins remaining thick throughout the month, according to S&P Global Platts calculations based on raw data from JLC. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The last record high of 73.9% was seen in November 2019. Along with higher run rates, the consumption of feedstock also hit a new record of 11.39 million mt, or 2.69 million b/d, up 6% from April. In May, a total of 32 grades of imported crudes were cracked by the 45 surveyed refineries, down from 34 in April. Among all the crudes processed last month, the consumption of Johan Sverdrup rose to top second at 1.17 million mt, up 64.8% on the month. It was only slightly less than that of ESPO, which is the traditional top crude processed […]