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Chinese Crude Imports Slip on Refinery Maintenance

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China’s crude imports came in at 10.1mbd in May – a slight improvement from April but down 6% y/y according to Vortexa.

  • Low Chinese imports align with refinery maintenance work and weak cracks.
  • Middle East crude (excluding Iran) and West African crude dropped to their lowest levels this year.
  • China’s inventory stock build rate dropped from 1.2mbd to less than 150kbd in 2H May, as daily crude imports slowed by 1.1mbd in the three consecutive weeks ending on June 2nd, compared to the preceding three weeks.

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China’s crude imports came in at 10.1mbd in May – a slight improvement from April but down 6% y/y according to Vortexa.

  • Low Chinese imports align with refinery maintenance work and weak cracks.
  • Middle East crude (excluding Iran) and West African crude dropped to their lowest levels this year.
  • China’s inventory stock build rate dropped from 1.2mbd to less than 150kbd in 2H May, as daily crude imports slowed by 1.1mbd in the three consecutive weeks ending on June 2nd, compared to the preceding three weeks.

Keep reading...Show less