The chinese imports of Petroleum They rose in May to the third-highest monthly level on record, customs data showed on Wednesday, as refiners built up inventories and ramped up operations after the April maintenance.
Crude imports in May amounted to 51.44 million tons, or 12.11 million barrels per day (bpd), according to data from the General Administration of Customs. This figure represents an increase of 12.2% compared to the 10.79 million barrels per day imported in May of last year.
Shipments to the world’s largest oil importer rose sharply month-on-month, up 17.4% from 10.32 million bpd in April. Despite an uneven macroeconomic outlook, the accumulation of inventories has contributed to sustaining the demand for crude oil imports.
“China crude oil inventories have risen to 46.1 days of coverage, up from 44.9 in December 2022,” JPMorgan analysts said in a note last week.
Refinery maintenance at key plants did not significantly reduce crude consumption, while processing at refineries has increased in recent weeks.
“Although centralized maintenance started in March, the workload of major refineries remained stable and did not drop significantly. Operation rates also increased significantly in June,” said Xu Peng, a refined products analyst at consultancy JLC, with headquarters in China.
Shipments by sea increased, with the largest increases seen in supplies from the United States and Canada, due to favorable prices for shippers in April, and from suppliers including Saudi Arabia, the United Arab Emirates, Kuwait and Angola, Emma Li said. , an analyst for Chinese crude oil markets at Vortexa in Singapore.
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However, the slower-than-expected recovery in China’s manufacturing sector continues to weigh on fuel demand amid weak orders from major export partners and difficulties in the country’s important real estate sector.
The official Purchasing Managers’ Index (PMI) for the manufacturing sector fell in May to its lowest level in five months, to 48.8 points, data from the National Statistics Office (ONE) showed last week, below April’s 49.2 points and the 50-point mark that separates expansion from contraction.
China imported 10.64 million tons of natural gas in May, up 17.3% from 9.07 million tons a year ago and marking the highest monthly level since January 2022.
Exports of refined fuel increased by 49.5%, to 4.89 million tons, compared to May of last year.
Source: Ambito
