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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
REFINING
China added 2.1 mn bpd to commercial or strategic stockpiles in June according to Reuters calculations.
- This was up from the 1.77 million bpd added in May and the most since June 2020.
- China's refiners processed 14.83 min bpd in June, according to data released on July 17 by the NBS.
- The volume of crude available to refiners was 16.93 million bpd, consisting of imports of 12.67 million bpd and domestic output of 4.26 million bpd.
- Over the first five months of the year China has added about 950,000 bpd to inventories, an increase of 28% from the 740,000 bpd added over 2022 as a whole.
- Chinese refiners have now the ability to trim imports and use their ample stockpiles as crude prices rise.
- Weaker discounts on Russian oil may also discourage China from buying such large volumes. China imported a record volume of Russian crude in June, with official data recording arrivals of 2.56 million bpd, up 44% from the same month last year.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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