CHINA BOOSTS IMPORT
China, which uses more oil than any country except the U.S., raised daily crude imports to a record in April as a new refinery and stockpiling bolstered demand.
Overseas purchases increased to 27.88 million metric tons, according to data released today by the General Administration of Customs in Beijing. That's about 6.81 million barrels a day, up from the previous record of 6.66 million in January.
"China imported more crude probably to fill inventory and meet demand that will rebound in June following the maintenance season," Amy Sun, an analyst with ICIS-C1 Energy, said by phone from Guangzhou today.
Some of the overseas crude will go to refilling commercial inventories, Sun said. Stockpiles fell about 3 percent at the end of March from a month earlier, according to China Oil, Gas & Petrochemicals, published by the official Xinhua News Agency.
Imports also rose as Sinochem Group's Quanzhou refinery in southeast China ramps up processing after starting commercial operations last month, Sun said. The plant should run at about 90 percent of its 241,000 barrel-a-day capacity by June, up from 70 percent now, according to Sun.
April's record buying is also to fill the country's strategic petroleum reserves, according to Sijin Cheng, a commodities analyst at Barclays Plc. China will add 39 million barrels to emergency stockpile sites at Tianjin and Huangdao during the first half of this year, Cheng said in a note to clients today.
The nation returned to a net oil product importer in April with 2.54 million tons of imports and 2.2 million tons of exports, today's data show. Coal purchases were at 27.11 million tons and No. 5-7 fuel oil imports at 1.67 million tons.
|March, 23, 08:40:00|
|March, 23, 08:35:00|
|March, 23, 08:30:00|
|March, 23, 08:25:00|
|March, 23, 08:20:00|
|March, 23, 08:15:00|
WNN - Asia needs nuclear energy to meet its economic, energy and environmental goals, but such plans are still in the development phase in the South East region of the continent, Agneta Rising, director general of World Nuclear Association, said.
NPD - Preliminary production figures for February 2018 show an average daily production of 1 944 000 barrels of oil, NGL and condensate, which is a decrease of 83 000 barrels per day compared to January.
AOG - China National Petroleum Corporation (CNPC), the world’s third largest oil company, has been awarded stakes in two of Abu Dhabi’s offshore concession areas following the signing of agreements with Abu Dhabi National Oil Company (ADNOC).
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.69 a barrel at 0744 GMT, up 15 cents, or 0.2 percent, from their previous close. Brent crude futures LCOc1 were at $67.56 per barrel, up 14 cents, or 0.2 percent.