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OIL: China Builds Crude Stocks Again in April Amid Slower Refinery Processing

OIL
Energy BulletsDataBulletCommodities

China's crude stockpiles increased in April as slower refinery processing outweighed a decline in imports, according to Reuters calculations based on official data.

  • Total crude available to refiners was 15.13mbpd in April and refiners processed 14.3mbpd of crude suggesting 830kbpd was added to China's commercial or strategic stockpiles in the month, and up from 790kbpd in March.
  • China has added 700kbpd to storages in January to April this year.
  • Refinery processing dropped 3.3% y/y in April and the first annual decline in 20 months amid scheduled maintenance and weak profit margins.
  • Refinery throughput is however expected to recover in May ahead of the peak summer demand season, with robust demand expected for jet fuel and gasoline but softer consumption for diesel.
  • The impact on rising refinery rates on imports is uncertain as price pressures may limit the import demand for crude by Chinese refiners who may instead choose to dip into the stockpiles.

 

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China's crude stockpiles increased in April as slower refinery processing outweighed a decline in imports, according to Reuters calculations based on official data.

  • Total crude available to refiners was 15.13mbpd in April and refiners processed 14.3mbpd of crude suggesting 830kbpd was added to China's commercial or strategic stockpiles in the month, and up from 790kbpd in March.
  • China has added 700kbpd to storages in January to April this year.
  • Refinery processing dropped 3.3% y/y in April and the first annual decline in 20 months amid scheduled maintenance and weak profit margins.
  • Refinery throughput is however expected to recover in May ahead of the peak summer demand season, with robust demand expected for jet fuel and gasoline but softer consumption for diesel.
  • The impact on rising refinery rates on imports is uncertain as price pressures may limit the import demand for crude by Chinese refiners who may instead choose to dip into the stockpiles.

 

Keep reading...Show less