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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.
OIL
China lifted the pace at which it stored crude oil in December according to Reuters calculations.
- About 1.19 million bpd of crude flowed into either commercial or strategic stockpiles in December, up from about 950,000 bpd in November.
- For 2022 as a whole, China added about 740,000 bpd to storage tanks, which was up from the 170,000 bpd added in 2021 it calculates.
- The total volume of crude available from imports and domestic production in December was 15.29 million bpd, consisting of imports of 11.32 million bpd and local output of 3.97 million bpd.
- Refinery throughput rose 2.5% year-on-year in December to 14.1 million bpd, meaning the volume of crude available exceeded the amount processed by 1.19 million bpd.
- China’s storage levels cloud China’s demand picture for the return of the economy this year.
- Chinese refiners may pull back from the spot market with prices gaining and instead turn to stockpiles bought at a cheaper price.
- China's oil sourcing is also changing as it leans more heavily on discounted Russian barrels. Imports of both pipeline and seaborne oil from Russia are estimated by Refinitiv Oil Research at 1.82 million bpd, which would beat Saudi Arabia into second place with 1.81 million bpd.
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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