China Stock Movements - March 2015

Source: OPEC 4/9/2016, Location: Asia

The latest information for China showed a decline in total commercial oil inventories of 3.3 mb in January to stand at 380.8 mb, which was around 16.9 mb higher than the previous year at the same time. Within the components, commercial crude oil fell by 8.9 mb, while product inventories rose by 5.6 mb.

At 234.6 mb, commercial crude stocks represented a deficit of around 26.1 mb below the same period a year earlier. The fall was mainly attributed to lower crude imports, which declined by 1.5 mb/d to 6.3 mb/d. A slight increase in crude throughput also contributed to the crude stock draw in China.

In contrast, total product stocks in China rose by 5.6 mb for the third consecutive month to stand at 146.3 mb, which was 9.3 mb higher than a year ago at the same time. All products witnessed builds. Gasoline stocks went up by 0.8 mb to end the month of January at 61.0 mb. This build was mainly driven by higher gasoline output. However, improvement in demand ahead of the lunar New Year limited further builds in gasoline inventories. Diesel stocks rose by 4.4 mb to stand at 69.3 mb, driven mainly by lower distillate demand. Kerosene stocks rose by 0.4 mb to end January at 16.0 mb, which was 2.7 mb higher than last year at the same time.


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