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: tube69欧美最新片 | 五月天婷五月天综合网站 | 亚洲精品久久午夜无码一区二区 | 奇米在线播放 | 一区二区国产在线播放 | 在线视频不卡国产在线视频不卡 | 久久一区二区三区四区 | 欧美成人免费毛片 | 成人全黄三级视频在线观看 | 国产精品久久久久久久午夜 | 亚洲 欧美 日韩 在线 | 欧美一级毛片免费播放器 | 日韩欧美一区二区三区免费观看 | 亚洲九九| 性69交片免费看 | 夜夜夜夜猛噜噜噜噜噜 | 高清激情小视频在线观看 | 波多野结衣xfplay在线观看 | 久久精品二区亚洲w码 | 一区二区国产在线观看 | 国产成人精品影院狼色在线 | 日韩成人性视频 | 久久久免费的精品 | 手机日韩看片 | 亚洲一级在线观看 | xxxxxx免费| 国产成人精品综合 | 欧美精品九九99久久在观看 | 综合网视频 | 观看av| 久久综合热 | 亚洲婷婷在线 | 四虎在线观看一区二区 | 欧美日韩亚洲一区二区三区在线观看 | 日韩欧美动作影片 | 综合一区二区三区 | 国产精品va在线观看无 | 中文字幕日韩理论在线 | 日韩精品一区二区三区在线播放 | 天天干天操 | 午夜小视频免费观看 |