Tuesday, July 23, 2013

Platts: Chinese Oil Demand Jumped 11% in June

Say what?
From Platts:

Platts Report: China Oil Demand Rises 11.7% in June Versus a Year Ago 
Refinery Utilization Rates Rebound; Net Oil Products Increase
Singapore - July 23, 2013

China's apparent oil demand* in June rose by 11.7% to an average 9.99 million barrels per day (b/d) or 40.89 million metric tons (mt), a just-released Platts analysis of Chinese government data showed.

Apparent oil demand in June was the highest since February 2011. This was a rebound from relatively more sluggish growth in the first half of 2013 and demonstrates significant growth in relation to the comparatively low level in June last year.

In May this year apparent oil demand edged up just 1.9% year over year to an average 9.53 million b/d while in April, apparent demand rose 2.1% to an average 9.66 million b/d.

Refinery runs, or capacity utilization, surged 10.8% in June versus a year earlier to 9.68 million b/d. Refinery throughput was also 4.8% higher than in the previous month, according to data released July 15 by China’s National Bureau of Statistics (NBS).

China’s General Administration of Customs data released July 20 showed net oil products imports on a year-over-year basis jumped 50% in June to 1.29 million mt. This was largely due to a 11.9% surge in oil product imports to 3.28 million mt, while oil product exports fell 3.9% to 1.99 million mt....MUCH MORE