日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Macro

All-time high crude oil imports signal of recovery

By Zheng Xin | China Daily | Updated: 2020-06-25 07:13
Share
Share - WeChat
Workers dock a pipe onto an oil tanker at a port in Dalian, Liaoning province, on April 8. [Photo/Xinhua]

China's crude oil imports soared to an all-time high in May, a reflection of a recovery in energy with demand getting back on track in the world's second-largest economy as business activity resumes following effective measures to contain the COVID-19 pandemic, industry insiders said.

Crude imports surged in May to 47.97 million metric tons, or 11.34 million barrels a day, a 15 percent jump from April and 160,000 barrels a day more than the previous record set in November, data released by the General Administration of Customs showed.

China's oil product exports, on the other hand, fell in May to a 15-month low of 3.89 million tons, down by more than 50 percent from April's exports of 8 million tons, the data showed.

The previous low was 3.81 million tons in February 2019, it said.

"The strong increase in China's imports will have supported the tightening of the seaborne oil market, and hence oil prices," Morgan Stanley analysts, including Martijn Rats, said in a report.

Wu Kang, head of Global Demand, Risk & Asia Analytics, S&P Global Platts, said with China's crude imports hitting a new high and product exports dropping, the country is clearly on the path to recovery.

Wu said China's oil demand in May came out much stronger than expected, much of which comes on the back of pent-up demand and fiscal stimulus from the government.

"The independent refineries drove almost all of China's crude import growth over the past five months. Because of purchases of the past few months, we think imports will initially remain high until July, but that will moderate by August," he said.

Li Li, research director at energy consulting company ICIS China, agreed and said the May crude imports jump also reflects the vitality and resilience of the Chinese refinery sector, which seized the opportunity of low global crude prices to book orders.

Platts survey data showed China's independent refining sector ratcheted up crude imports in May by 71.1 percent on the year to a record high of 4.42 million barrels a day. That sent a bullish signal to the global oil market that the recovery in Chinese energy demand is again on track.

State-run and independent refiners alike ramped up crude purchases in previous trading cycles to take full advantage of ultra-low crude prices in the March-May period, it said.

On the other hand, China Petrochemical Corp, or Sinopec, the country's top oil export giant, and China National Petroleum Corp, one of the nation's top three oil conglomerates, both slashed their exports in the previous months.

Many refiners preferred to sell their products in domestic markets as product prices in international markets were lower due to lockdowns and freight rates remained high.

"Structurally, China has extra products that need to be exported, and they will continue doing so," Wu said. "Specifically, we believe that with tanker rates moderating, conditions may just be about right for exports to rebound notably from July and beyond."

As Chinese buyers had purchased cheap crude cargoes for May delivery, Li said there is still opportunistic buying to be had to capitalize on low crude costs. It is an opportune time to stockpile for China, whose crude storage at present is below target, she said. ICIS said crude imports in the country are projected to grow in 2020 at a slower rate of 7.6 percent from the 9.5 percent pace recorded last year.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 国产福利视频在线 | 伊人精品国产 | 久久人人爽人人爽人人 | 丝袜捆绑调教视频免费区 | 波多野结衣在线网站 | 欧美ol丝袜高跟秘书在线播放 | 黄色一级在线视频 | 国99久9在线 | 免费 | 亚洲黄色第一页 | 色情综合色情播五月 | 日韩在线黄色 | 日韩亚洲欧美一区 | 欧美精品黄页在线观看大全 | 久久久久久久国产精品毛片 | 天天透天天干 | 日韩精品av一区二区三区 | av网址在线 | 日韩一区二区三区视频 | 美国av在线免费观看 | 黄色免费网站电影 | 日韩成人一区二区 | 欧美一区二区三区免费观看视频 | 超碰欧美 | 国产精品久久久久无码AV1 | 在线观看免费av网 | 天天操一操 | 国产精品久久久久久无遮挡 | 夜夜撸天天操 | 欧美日韩一二三区 | 成人精品视频一区二区三区 | 国产精品亚洲综合 | 午夜影院在线免费观看 | 我我色综合 | 先锋影音资源网站 | 亚洲欧美国产日产综合不卡 | 奇米视频7777| 国产成人一区二区 | 中文字幕免费 | 看一天影院 理论片 | 国产福利视频在线观看 | 午夜精品久久久久久久久久久久久 |