CHINA’S commercial crude oil inventories at the end of December fell 1.9 percent from the previous month to the lowest since July, Xinhua said yesterday.
The data echo a separate set of official data released last Friday that showed China’s crude oil throughput hit record rates that also lifted output of both gasoline and diesel to record highs.
Refined fuel stocks gained 2.6 percent from end-November, with gasoline up 5.2 percent to the highest since at least Jan 2015 at 8.36 million tons, according to calculations based on historical data.
Diesel inventories dropped 1.5 percent to 5.86 million tons, the lowest level in at least two years. Kerosene was up 6 percent to about 2.32 million tons, also a high since July.
While refinery throughput hit new highs, Chinese refiners also shipped a record volume of fuel overseas, with diesel exports having hit an all-time high last month.
The government rarely discloses levels of either commercial or strategic oil stocks, making it difficult to gauge real demand in the world’s second-largest oil consumer.(SD-Agencies)