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China Crude Stockpiles Recover Late October on Weak Runs


China’s crude imports ticked higher October at 10.7mn bpd, 200,000 bpd higher than September.

  • China’s onshore crude stocks started to accumulate in the second half of October – following two consecutive months of declines averaging 800kbd since late August.
  • Stocks have built on falling China runs – especially teapots in Shandong.
  • China crude stockpiles increased by 2mb over the two-week period, reaching 958mb as of Nov 2.
  • Vortexa calculates a decrease in China runs of about 1mn bpd – equivalent to 6-7% across both state and independent refiners.
  • See chart for China total onshore inventories and Shandong inventories.

Source: Vortexa

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