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China Crude Stock Draws Slowed in December: Vortexa


Chinese seaborne crude imports rebounded slightly above the 10mn bpd mark in December, narrowly higher than November’s pace according to Vortexa.

  • The continuous draws in China’s onshore crude inventories since late August slowed down in December it added. End of Dec stocks were flat vs a month prior due to a China refinery slowdown.
  • China’s overall crude inventories hover around the 2-year average above 930mb in the week ending Jan 14.
  • Oil inventories under the control of Sinopec dipped below 300mb in the same period. If the current rate of drawing stocks continues, Sinopec’s inventories are projected to reach a 2-year low in March, just before the onset of spring refinery maintenance which may boost imports according to Vortexa.

Source: Vortexa

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