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China Stock Movements - October 2017

Source: OPEC 11/2/2017, Location: Asia

The latest information for China showed that total commercial oil inventories fell by 9.3 mb in August for the second consecutive month to settle at 371.2 mb, which is 4.7 mb lower than the previous year. Within the components, crude and product stocks fell by 8.0 mb and 1.3 mb, m-o-m, respectively.

In August, commercial crude stocks fell by 8.0 mb, reversing the builds of the last four consecutive months. At 225.8 mb, crude oil stocks were 3.1 mb below last year at the same time due to a combination of three factors, namely higher crude throughput, which rose by 3.6%, lower crude imports, by nearly 2.4%, as well as lower domestic crude production, which fell by 1.8%.

Total product stocks in China also fell in August by 1.3 mb to end the month at 145.4 mb, which is 1.6 mb below the same time a year ago. Within products, kerosene and diesel witnessed stock draws, while gasoline remained unchanged from the previous month.

Diesel inventories fell by 1.0 mb in August to stand at 61.4 mb, which is 0.2 mb above a year ago at the same time. Kerosene stocks also fell in August, dropping by 0.3 mb to stand at 19.2 mb, which is 0.9 mb higher than the same time last year. The drop in both products was driven by lower gasoline output due to the decline in crude oil throughput combined with higher domestic demand from industrial, mining and infrastructure in the case of diesel products.

Gasoline stocks remained unchanged in August to stand at 64.7 mb, which is 2.8 mb lower than the same period a year ago.

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