China's Crude Runs at Record High

China’s crude runs rose by 133K b/d m-o-m in December to a record 13.84M b/d (+1.74M b/d), according to NBS data. Support has come from stockbuilding ahead of the Lunar New Year and the ramping up of new capacity, with Rongsheng announcing its full start up end-December. However, runs are expected to drop in January due to a decline in margins and the New Year holidays. Overall, China’s crude imports in 2019 were up by 7.6% (925K b/d) at a record 13.1M b/d.