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China Weekly Oil Summary: Teapots Face Rising Feedstock Costs

OIL

Independent refineries (also known as teapots) make up about 20% of Chinese crude imports and have made significant savings on discounted barrels from Venezuela, China and Russia until recently. There are now expectations that rolling back Venezuela sanctions will divert its barrels away from China, losing another source of cheap feedstock.

  • Chinese refinery oil product exports are set to fall 40% in November m/m according to OilChem.
  • China refinery throughput hit another record in September at 63.62 million metric tons last month or 15.48mn bpd, up from the prior record in August of 15.23mn bpd according to National Bureau of Statistics (NBS) data.
  • China’s oil imports from Russia fell 17% on the month in September from the record high in August according to General Administration of Customs data. Russia remains the main supplier ahead of Saudi Arabia and Iraq while imports from US increased.
  • China's fuel oil imports in September fell to 1.04mn tons, down by 25% from August levels, and the lowest level so far this year, data from the General Administration of Customs showed, amid high inventory levels.
  • China’s gasoline inventories rose by 2.4% on the week to 13.24m tons in week to 19 October, highest level since 25 May, according to data from OilChem.
  • China crude imports are forecast to drop to around 10.76mn bpd in October according to LSEG.
  • Russian President Putin has wrapped up his two-day visit to China Thursday, praising “unprecedented” energy ties between the nations but little in the way of major new developments.
  • DATA: The Chinese economy grew by 4.9% y/y in Q3, beating market expectations of 4.5%, data released by the National Bureau of Statistics showed.
  • China’s implementation of stable macro-economic policy throughout the year has created a solid foundation for a continued recovery in Q4, according to Yao Jingyuan, a special researcher at the State Council and former chief economist at the National Bureau of Statistics.
  • YUAN: The currency strengthened to 7.3150 against the dollar from 7.3153 on Thursday.
Energy BulletsCommodities
Energy BulletsCommodities

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