.. subcription
    .. rss channels
    .. press releases
    .. contacts

            october 19, 2019

.. in english  .. по-русски  .. latviski    

Busworld 2019

IRFC 2020

LKW Walter

  .. sitemap ..

  .. publications ..

  .. news ..

  .. advertisement ..

LKW Walter Rus
LKW Walter
  .. partners ..


Chinese July сrude imports lowest in 7 months


China’s crude imports eased to a seven-month low of 8.21 mmb/d in July as refiners absorbed the massive volumes bought over 1H 2017, drawing down swollen crude inventories. July crude imports were 4.5% lower than the 1H 2017 average of 8.6 mmb/d. According to the official Xinhua news agency, Chinese crude commercial stocks hit an 8-month high of 224.3 mmb at end-June which is indicative of the huge surplus. Heavy turnarounds and subsequently lower run rates at teapot refineries in July also contributed to the m-o-m drop in imports. Around 1.2 mmb/d of refining capacity in China was shut for maintenance in July (up by 15.6% m-o-m), leading to an expected drop in overall crude throughput and crude imports.
However, Chinese crude imports in July still saw y-o-y growth of 11.8% albeit lower than 1H 2017’s average of 14.9%. Y-o-y growth has been supported by rapidly falling domestic production and robust stockpiling demand as refiners take advantage of low crude prices. The start-up of new refining capacity (CNOOC’s expanded 200 kb/d Huizhou refinery and Petrochina’s grassroots 260 kb/d Yunnan refinery) is expected to support Chinese crude imports in Q4.
China’s total refined product exports hit a four-month high at 4.55 mmt in July, up by 8.3% m-o-m. The growth in Chinese product exports underpinned Asian Medium Range (MR) tanker rates in July, with average rates for the South Korea-Singapore route basis 40 kt up by 5.5% m-o-m to $330,000. The commissioning of new refining capacity discussed earlier as well as higher batch of fuel export quotas are expected to boost Chinese product exports over Q4.

Source: OFE – OceanFreightExchange

.. search ..