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OIL
China still added more crude oil to inventories in the first two months of the year, despite lower imports and higher refinery processing rates according to Refinitiv.
- About 270,000 bpd of crude was added to commercial or strategic inventories over January and February - down from the 1.19 million bpd in December and the 740,000 bpd for 2022 as a whole.
- The total volume of crude available from imports and domestic production in the first two months of the year was 14.63 million bpd, consisting of imports of 10.4 million bpd and local output of 4.23 million bpd according to Refinitiv.
- Refinery throughput rose 3.3% year-on-year in the first two months to 14.36 million bpd, meaning the volume of crude available exceeded the amount processed by 270,000 bpd.
source: Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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