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China Jan crude runs pull back from record highs

Saturday, 25 February 2012 | 00:00
Chinese refineries processed 36.2 million tonnes of crude oil in January, or 8.52 million barrels per day (bpd), 1.9 percent more than a year earlier, the National Development and Reform Commission said on Friday.
The daily throughput was about 8 percent less than in December when refiners in the world's second-largest consuming market processed a record 9.24 million bpd of crude oil after running at the second-highest rate of 9.22 million bpd in November.
Meanwhile, inventories of refined oil products at the end of January increased 2.45 million tonnes from a month earlier and gained 1.7 million tonnes from a year earlier, the commission said.
The commission did not disclose stock levels for main oil products such as diesel and gasoline at the end of January.
China's diesel inventories jumped 29.1 percent on month in January, gasoline stocks fell 4 percent and overall fuel stocks gained 14 percent from a month earlier, according to a Xinhua report.
Falling crude runs and rising fuel stocks suggest actual demand for fuels, especially diesel, retreated in January as many businesses and factories closed for the Lunar New Year holidays.
The country's crude oil production declined 2.3 percent from a year earlier to 17.08 million tonnes last month, or 4.02 million bpd, the commission said, citing industry statistics.
The crude oil production level was equivalent to 73 percent of China's crude oil imports in January.
Last month's natural gas production was 9.8 billion cubic metres, 2.4 percent more than a year earlier, according to the commission.
Source: Reuters
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