November 20, 2023 11:22 GMT
China Adds 560,000 bpd to Inventories October: Reuters Calculations
China began adding to crude inventories in October due to weaker refining and slightly higher imports m/m according to Reuters calculations.
- It calculated that Chinese inventories rose by ~560,000 bpd in October.
- Reuters calculated 240,000 bpd draws in September, only the third month of draws in 2023 including April and July.
- China's refiners processed 63.93 million metric tons of crude in October or 15.05 mn bpd, according to NBD data last week – down from a record 15.48mn bpd in September.
- China has tended to buy more crude when prices are low and boost domestic refining when quotas are available. As crude prices have rallied, China has tended to trim crude imports in the subsequent months.
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