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China’s November Fuel Oil Imports Dipped 33% MoM

OIL PRODUCTS

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.
  • However, fuel oil imports have shown signs of picking up again in December, as the Chinese government granted an additional 3mn tons of fuel oil import quotas in late November.
  • "Buyers rush to fulfil the fresh additional 3mn tons quota till the end of the year," Emril Jamil, senior analyst for crude and fuel oil at LSEG Oil Research, said.
  • China's December fuel oil inflows have exceeded November's, Jamil added.
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