Today's Trends: Chinese Oil Demand Rises in October

China's apparent oil demand in October rose 11.8% from a year ago to 37.88 million metric tons (mt), or an average of 8.95 million b/d, according to Platts' analysis of official data from the People's Republic of China. October demand was 3.1% higher than the September figure of 35.53 million mt. China's apparent oil demand in the first ten months of this year total 355.58 million mt, or an average of 8.57 million b/d, up 10.4% from the same period of 2009, Platts data showed.

Crude throughput volumes at Chinese refiners spiked to a collective total of 37.04 million mt or 8.76 million b/d on average in October, a historic high, and up 11.3% from a year ago, data from the country's National Bureau of Statistics showed. The sharp rise in crude processing contrasted with a significant drop in Chinese crude imports in October, to 16.39 million mt or 3.88 million b/d. This was the lowest monthly import figure to date in 2010 and 15.2% lower than the corresponding month of 2009.

Platts noted last month that China's net crude import and throughput figures for September indicated the country had likely put a little more than 5 million mt of crude into storage. More than 3 million mt of that crude surplus should have been used up in October with crude purchases during that month from overseas being the lowest so far this year while refiners' processing volumes were the highest. "An acute shortage of gasoil in China, attributed to a reduction in power supply, has headlined the oil industry in Asia and beyond for the past few weeks. The situation explains the 36% jump in China's net refined product imports in October from a month ago as well as refiners cranking up output to an all-time high," said Vandana Hari, Asia editorial director for Platts.


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Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Mike Green | Nov. 21, 2010
China continues to show long term vision and foresight in lining up, locking up oil and gas reserves, preparing for the day we will see peak oil and diminishing reserves. The Chinese are using their huge dollar reserves to acquire oil, gas, shale and infrastructure, at bargain basement prices. The day is not long off that these assets will ensure the Chinese economy runs smoothly on these petroleum purchases they have accumulated.

Joan Georgia | Nov. 20, 2010
China is the future, energy interest is growing so fast. Obama is clearly a clueless Clown, Yes We Cant is his New Policy. Gulf Oil Spill now Oil is $88 per barrel and Obama shuts in oil production in the Gulf of Mexico, as the World China and India run for new Oil reserves in the World. Alberta Oilsands are next target for China/India but OBomba is saying green Me. Green this America under Obama is so in debt that soon he will be out of a JOB 2012. China laughing at this Obama Clown ! Facts Are Facts!


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