In 2025, China's crude oil imports reached 578 million tons, a year-on-year increase of 4.4%. Among them, the crude oil imports in December reached 55.97 million tons, breaking the monthly record for crude oil imports.

In 2025, China's crude oil imports reached 578 million tons, a year-on-year increase of 4.4%. Among them, the import volume in December reached 55.97 million tons, breaking the monthly record, indicating strong growth in domestic demand. This will push up the spot price of crude oil, as the increase in imports reflects tight supply and strong consumption, which is positive for market expectations. Combined with the recent futures market, the increase in crude oil demand may further support the upward trend in prices, but global supply changes need to be monitored.

As the main raw material for gasoline, the increase in import volume and price of crude oil will directly increase the production cost of gasoline. The strong demand for crude oil in China may drive up gasoline spot prices, as the cost transmission effect of refineries becomes apparent. Meanwhile, seasonal fluctuations in gasoline demand may amplify this impact, overall benefiting the gasoline market.

Diesel is highly correlated with crude oil, and the record high import volume and price increase of crude oil will push up the production cost of diesel. China's industrial and economic activities have stable demand for diesel, and the rise in crude oil costs may be transmitted to diesel spot prices, forming support. The demand side has shown positive performance, which is favorable for the trend of diesel prices.

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