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China Crude Stocks Build into May

OIL
Energy BulletsHomepagemarkets-real-timeBulletCommodities

China’s onshore crude inventories increased by 33mb over four consecutive weeks ending May 19, reaching 942mn bbls according to Vortexa.

  • Stockpiling came in around 1.2mbd during this period. Seaborne crude imports were slightly above the one-year to date average of 10mbd at 10.3mbd.
  • It follows nearly two months of the inventories holding near one-year lows.
  • Stockpiling came on the back of weaker refinery runs as refineries undergo turnarounds.
  • Chinese onshore crude inventories fluctuate within a narrow window between 920mb and 945mb around mid-May each year since 2019, in line with the government mandate to maintain a 90-day crude oil coverage for the country.

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China’s onshore crude inventories increased by 33mb over four consecutive weeks ending May 19, reaching 942mn bbls according to Vortexa.

  • Stockpiling came in around 1.2mbd during this period. Seaborne crude imports were slightly above the one-year to date average of 10mbd at 10.3mbd.
  • It follows nearly two months of the inventories holding near one-year lows.
  • Stockpiling came on the back of weaker refinery runs as refineries undergo turnarounds.
  • Chinese onshore crude inventories fluctuate within a narrow window between 920mb and 945mb around mid-May each year since 2019, in line with the government mandate to maintain a 90-day crude oil coverage for the country.

Keep reading...Show less