China’s apparent oil demand in Could dipped 0.7% in contrast with the same month last yr to 39.Ninety two million metric tons (mt) or a median 9.44 million barrels per day (b/d).
Obvious oil demand last month was at its lowest level in 9 months – recording the primary year-on-year contraction since January – following three months of comparatively sluggish progress.
On a month-over-month foundation, obvious oil demand in Could fell 3.2% from April, reflecting China’s underlying damped financial performance. This was the third consecutive yr that apparent oil demand contracted in Could from April.
This was counter to prior years, when apparent oil demand traditionally accelerated in the second quarter in contrast with March as a result of a decide-up in industrial activity in spring.
China’s refinery crude oil throughput volumes in Might rose three.5% from a yr earlier to a 4-month low of 9.Fifty four million b/d, according to the newest information from China’s Nationwide Bureau of Statistics.
Internet crude imports for May have been up 9.Four% from the identical interval a year in the past to six.17 million b/d. However, China became a internet exporter of oil products last month, with exports outpacing imports by 410,000 mt in contrast with internet oil product imports of 1.25 million mt in May 2013.
China has significantly reduced its imports of jet/kerosene and gasoline oil this year attributable to a mix of sluggish demand and elevated domestic output. Exports of gasoline and gasoil have remained steady from a yr in the past.
China was a internet oil products exporter in March, the first time since January 2010, however returned to being a internet importer in April.
“We have seen a distinct fall in China’s net oil product imports within the final year,stated Music Yen Ling, Platts senior writer for China. “This is mainly because domestic demand development has slowed while refinersoutput has grown the results of expanded refining capacity deliberate earlier than the current slowdown./p>
Over the first five months of the year, China’s obvious oil demand was primarily flat, rising a mere 0.2% from the identical interval of 2013 to 9.85 million b/d.
In China’s individual oil products markets, gasoil obvious demand in Could flipped to unfavorable development, contracting by 1.6% yr over year to three.33 million b/d. Domestic manufacturing dipped 0.7% year over year to 14.15 million mt. Internet exports surged 66.7% from a year earlier to 300,000 mt. Gasoil demand in China has slowed because the nation’s economic progress has slowed.
Gasoline obvious demand elevated 10.3% last month from a 12 months earlier to 2.36 million b/d, on sturdy transport sector consumption. Domestic refinersgasoline output elevated 7.9% on a yr-over-year foundation to 8.86 million mt, while net exports fell some 38.1% yr over 12 months to a 17-month low of 260,000 mt.
Gas oil apparent demand last month plummeted 33.6% from a year in the past to 512,000 b/d on the back of a seventy three.5% stoop in web imports to four hundred,000 mt. Home production of gas oil in Might was down 6.9% to 2.1 million mt.