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China Stock Movements - December 2016

Source: OPEC 12/21/2016, Location: Asia

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The latest information for China showed total commercial oil inventories fell by 3.4 mb in October to stand at 369.1 mb, which is 9.1 mb lower than the previous year at the same time. Within components, crude fell by 4.4 mb, while product inventories rose by 1.0 mb.

In October, commercial crude stocks fell to 230.1 mb, reversing the build of the previous two months. With this stock-draw, they were 16.9 mb below the previous year at the same time. The drop could be attributed to higher crude oil throughput, which expanded by 7.4% from the previous month. Lower crude oil imports also contributed to a drop in crude oil stocks.

In contrast, total product stocks in China rose by 1.0 mb in October for the third consecutive month to stand at 139 mb. At this level, total product stocks were 7.8 mb above the same time a year ago. Gasoline inventories went up, while diesel and kerosene experienced a fall.

Gasoline stocks rose in October to stand at 67.8 mb, which is 16.0 mb above the same time a year ago. The build in gasoline stocks was driven by higher output combined with lower demand, which was attributed to less travel due to cold weather.

In contrast, diesel and kerosene inventories fell by 1.5 mb and 1.0 mb to stand at 51.8 mb and 16.8 mb, respectively. This fall in diesel stocks came on the back of healthy consumption, driven by higher agricultural and industrial activities.

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