1/12/2017, 9:10 AM (Source: TeleTrader)
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China's implied oil demand jumps almost to record

Official data on refinery utilization and crude imports indicated demand for the commodity in China increased 4.1% on the year in November to 11.44 million barrels per day, the second-highest registered monthly level, S&P Global Platts said on Thursday.

Analysts said information from national statistics and customs, but also calculating for the probability of higher production than reported, signaled apparent demand for gasoline averaged 2.9 million barrels per day or 1% up from the same month of the previous year. The figures compare to a rally in the segment of gasoil of 6.2% to 3.72 million. The section of fuel oil came in 7.2% higher than in October, at 687,000 barrels per day. 

Gasoline and jet fuel demand may surge with intensified transportation amid New Year holidays at the end of the month, said Song Yen Ling, senior analyst with Platts China Oil Analytics. Then gasoil demand could pick up with the restart of industrial activity and agriculture activity in the south, she added. The platform estimated refinery runs at 11.54 million barrels per day, which would bring apparent demand to 11.83 million on average or 7.8% higher on an annual scale.  

Total implied oil demand in the first eleven months of 2016 declined 0.9% year on year, to 11.07 million barrels per day, after a drop of 1.4% in the year to date in October. Imports of the most important products jumped to a six-month high in November, to 1.1 million barrels per day, against almost unchanged exports of 851,000 barrels per day. 

Baha Breaking News (BBN) / IT