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Oil market's reliance on China shows narrowing options

 2020-09-10

China may have given oil markets false hope. A rapidly rebounding economy in the Asian powerhouse had initially revived demand, but bloated inventories and stockpiling by domestic refineries have exposed the fragility of prices.

A look at Chinese ports tells the full story. Shandong – home to a host of independent refineries – is completely congested. The volume of crude stored on tankers idled in Chinese waters near the port city for over a week has quintupled from normal levels.

Chinese refineries, which had taken advantage of relatively cheap prices over the past quarter, are now struggling to find buyers for products, dampening the appetite for crude further. Oil imports have extended losses as expected – dropping 7.4 per cent to a four-month low of 11.23 million b/d in August from July, data from China’s General Administration of Customs, showed recently.

The volumes have been on a decline since July, when they peaked at close to 13 million b/d amid rising stocks in crude and oil products. Crude imports in September are set to decline further, with lower new arrivals than in the previous months. New arrivals into Qingdao port, China’s top crude port on turnover, were estimated to have dropped by about a quarter to 2 million-3 million mt in September from June-August, a port official said.

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Oil market's reliance on China shows narrowing options

China's bulk commodity market growth slows in August

The national PPI dropped by 2%, the chemical raw material IPI dropped by 8.4%

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