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China Draw on Crude Stockpiles September: Reuters Calculations

OIL

China tapped into crude stockpiles for the second time in three months in September according to Reuters calculations as they processed record crude volumes while imports dipped.

  • China refiners drew about 240,000 bpd from inventories in September according to the calculations versus adding 1.32mn bpd August.
  • An estimate calculation is made by deducting the amount of crude processed from the total of crude available from imports and domestic output.
  • Chinese refineries processed a record 15.48mn bpd of crude in September.
  • China's crude imports were 11.13 million bpd in September, down 10.5% from August's 12.4 million bpd based on customs figures.
  • LSEG estimates China crude arrivals of 11.60 million bpd in October.
  • It estimates China diesel exports at 290,000 bpd in October, down slightly from 295,000 bpd in September.
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