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China end-Jan crude stocks higher – Xinhua

Wednesday, 22 February 2012 | 11:00
China's commercial crude oil stocks inched up 1.2 percent at the end of January from a month earlier after declining for three consecutive months, a report published by the official Xinhua News Agency showed on Tuesday.
But inventories of refined oil products staged a third consecutive gain, up 14 percent from levels at the end of December, according to reports by China Oil, Gas and Petrochemicals, a Xinhua newsletter.
Diesel stocks at the end of January jumped 29.1 percent from the end of December and kerosene increased 4.7 percent, the newsletter reported, citing data compiled by the state-run news provider.
Gasoline inventories declined 4 percent from a month earlier, it said.
The report did not provide outright volumes for any of the products. China seldom publishes official oil stocks figures.
Based on earlier figures from the publication, the data suggests gasoline stocks at the end of January totalled about 6.2 million tonnes, diesel stocks about 11.2 million tonnes and kerosene stocks about 1.5 million tonnes.
China's top refineries were expected to have operated in January at near the annual high level in 2011 despite the Lunar New Year holiday, when fuel demand from the industrial sector generally eases.
The refineries were expected to scale back crude runs in February for maintenance, Reuters polls have showed.
The authorities are due to publish combined January and February refinery throughput in March.
Source: Reuters
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