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OIL: China Crude Imports Boosted by Increase in Oil Inventories

OIL
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China crude imports in August were boosted by the biggest increase in crude oil inventories since June 2023 and not by any recovery in fuel consumption according to Reuters.

  • Commercial and strategic storage rose by 1.85mbpd, according to Reuters calculations based on official data compared to just 280kbpd added in July.
  • Total crude available to refiners was 15.76mbpd including 11.56mbpd of imports and domestic output of 4.20mbpd while refiners processed 13.91mbpd of crude.
  • China's oil refinery output in August fell 6.2% y/y as refiners processed 59.07m metric tons of crude, National Bureau of Statistics showed, amid disappointing fuel demand and weak export margins.
  • China boosted stockpiles by 1.11mbpd in Jan-Aug and about 300k bpd more that for the same period last year and rising from 800kbpd stored in Jan-Jul this year.
  • China's price-sensitive refiners are likely encouraged to buy more crude due to recent falling crude market prices.
  • China apparent oil demand (processing volumes plus refined oil imports) fell by 5.9% year on year in August to 13.86mbpd, according to data compiled by Bloomberg. Apparent oil demand in January-August fell 3.42% on the year to average 13.97mbpd.
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China crude imports in August were boosted by the biggest increase in crude oil inventories since June 2023 and not by any recovery in fuel consumption according to Reuters.

  • Commercial and strategic storage rose by 1.85mbpd, according to Reuters calculations based on official data compared to just 280kbpd added in July.
  • Total crude available to refiners was 15.76mbpd including 11.56mbpd of imports and domestic output of 4.20mbpd while refiners processed 13.91mbpd of crude.
  • China's oil refinery output in August fell 6.2% y/y as refiners processed 59.07m metric tons of crude, National Bureau of Statistics showed, amid disappointing fuel demand and weak export margins.
  • China boosted stockpiles by 1.11mbpd in Jan-Aug and about 300k bpd more that for the same period last year and rising from 800kbpd stored in Jan-Jul this year.
  • China's price-sensitive refiners are likely encouraged to buy more crude due to recent falling crude market prices.
  • China apparent oil demand (processing volumes plus refined oil imports) fell by 5.9% year on year in August to 13.86mbpd, according to data compiled by Bloomberg. Apparent oil demand in January-August fell 3.42% on the year to average 13.97mbpd.