In yet another worrying sign for Chinese oil demand, the country accelerated the pace of stockpiling oil in May.
China accelerated the pace of stockpiling crude oil inventories in May amid lower refining throughput and weaker crude imports compared to last year, in further bearish signs about China ’s apparent oil demand so far this year. China has likely added 1.08 million barrels per day bpd of crude to its commercial or strategic inventories last month, up from 830,000 bpd going to stockpiles in April, according to estimates by Reuters columnist Clyde Russell based on official Chinese data.
The acceleration of China’s stockpiling wouldn’t have been a concern for those watching demand trends in the world’s top crude importer if it weren’t for a slowdown in imports this year and a slump in refining output. China’s Crude oil imports are estimated to have averaged about 11.0 million bpd for January to May, down by 1.2% year-over-year, according to Reuters’ Russell. In May alone, refiners in China processed 14.25 million bpd of crude, down by 1.
Crude Oil Stockpiling Refining Refinery Inventories Oil Prices Output Production
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