China Daily Oil Summary: Fuel Oil Imports Fall in Nov

Chinese fuel oil imports in November fell by 33% on the month to 1.21mn tons, General Administration of Customs data showed.

• Volumes rebounded in October as independent refiners re-emerged to source fuel oil to use as refinery feedstock but eased back in November due to the high inventory levels, industry sources said.
• Russia remained China’s top crude oil supplier in November with flows to China at 2.19mbpd, up by 9% from October levels and 15.2% higher on the year according to data from the General Administration of Customs.
• China’s commercial crude storage rate fell by 0.42 percentage points on the week to 56.36% Dec. 20, according to OilChem.
• FROM THE PRESS: China’s CPI will moderately recover next year as base effects weaken and demand increases during peak consumption season around New Year’s Day and Spring Festival, according to Li Chao, spokesperson at the National Development and Reform Commission.
• YUAN: The currency strengthened to 7.1336 to the dollar from 7.1435 on Tuesday.
• EXCLUSIVE: China’s benchmark lending rate will likely fall in 2024 following the central bank’s cut to key policy rates, but any reduction will be moderate and its impact on the economy low as credit demand remains weak, economists and analysts told MNI.