China's Teapot Refiners Slash Output As Hormuz Crisis Crushes Margins

China's Teapot Refiners Slash Output As Hormuz Crisis Crushes Margins Confirming our report from last Friday, Reuters reports that some independent refiners in China (also known as "teapots") are slashing their production rates as margins plummet to unprecedented negative levels, and demand weakens amid the continued paralysis of tanker traffic in the Strait of Hormuz. China refiner margins (when Beijing tells you you can't raise prices, you don't raise prices). pic.twitter.com/Dz...