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Chinese October Crude, Fuel Oil Imports Drop

Oil

China imported 7.34M b/d of crude in October, down 18.9% or 1.71M b/d m-o-m but 7.8% or 530K b/d higher y-o-y, according to data released by the Chinese General Administration of Customs. October’s crude imports were the lowest since the same month last year, and about 1M b/d less than the average in 2017 so far.

Chinese fuel oil imports in October stood at 166.4K b/d, down 32% or 79.6K b/d m-o-m and 2.5% or 4.2K b/d y-o-y, and the lowest since June 2016. Monthly kerosene imports rose marginally by 3K b/d m-o-m at 73K b/d, while diesel imports rose by over 180% to 28.6K b/d, the highest since March 2016.

Chinese fuel oil exports in October stood at 116K b/d, down 49% or 111K b/d m-o-m and 11.3% or 14.7K b/d y-o-y, and the lowest since February 2009. Diesel exports stood at 289K b/d, about the same level m-o-m and 11% or 135.8K b/d higher y-o-y, while kerosene exports dropped by 7% or 18.5K b/d m-o-m and 18.5% or 55.3K b/d y-o-y to 244.1K b/d. Gasoline exports stood at 262.8K b/d, up 65% or 103.2K b/d m-o-m and 11.5% or 27.1K b/d y-o-y.