China October Crude Imports Reach Record Levels
China’s crude oil imports rose 685K b/d m-o-m and 1.57M b/d y-o-y to 10.76M b/d in October, which was the highest level on record, customs data show. This was driven by: i) a pickup in refinery utilization rates amid stable profit margins, ii) increased buying from new large-scale plants that came on stream earlier this year and iii) higher purchases from independent “teapot” refiners who sought to exhaust their import quotas.
Average crude imports into China in January-October rose 973K b/d annually to 10.0M b/d.
By early afternoon in London, ICE Brent was trading at $61.55/bbl, down $0.74/bbl from the end of Thursday’s trading.