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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.
OIL
China overview: oil imports and oil product exports based on official customs and LSEG forecast data:
- China crude oil imports were 11.13 mn bpd in September, down from 12.4 mn bpd in August. (August was the third strongest month on record)
- September’s crude import pace was 14% higher y/y and 14.6% higher over the first 9 months of this year versus last.
- China exports of refined fuels slipped slightly in September m/m, with product shipments of 5.44 million metric tons or 1.45 million bpd.
- China fuel exports are expected to remain strong October because of recent export quotas and firm profit margins – especially for diesel.
- China crude imports are forecast to drop to around 10.76mn bpd in October according to LSEG.
- Domestic demand was forecast to dip after the Golden Week holiday at the start of the month.
- China traffic congestion has increased post Golden Week while flight miles have pulled back from a short-lived swell for the celebration. Flight miles for the holiday failed to breach peak summer demand – (see chart)
source: Airportia
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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