Welcome!

News Feed Item

Platts Report: China's Oil Demand Continues Robust Growth in October

Demand is Third Highest on Record, Refinery Runs Remain High

SINGAPORE, Nov. 23, 2012 /PRNewswire/ -- China's apparent* oil demand rose 6.6% year over year in October to 41.28 million metric tons (mt), or an average 9.76 million barrels per day (b/d), the third highest on record, a just-released Platts analysis of recent Chinese government data showed.

October apparent* demand was slightly lower than the record 9.8 million b/d in September and the 9.77 million b/d seen in February this year.

"We continued to see strong growth in apparent oil demand in October, particularly after the lackluster performance from June to August when demand contracted by about 0.3% year over year," said Song Yen Ling, Platts senior writer for China. "Most analysts now believe China's economy is on the mend and we should see a corresponding improvement in oil demand going into next year."

China's oil demand in October continued to be sustained by a recovery in economic growth. In September, demand had risen 9.1% year over year, a rebound from the 1.5% contraction in August to 8.95 million b/d, the lowest since September 2011.

Apparent oil demand was also boosted by higher refinery throughput, which rose 6.7% from October 2011 to 9.44 million b/d, according to data released by China's National Bureau of Statistics on November 13. This is the second highest on record after the 9.47 million b/d seen in September. Another factor contributing to the rise in apparent demand was the surge in net oil product imports of 3.8% year over year to 1.37 million mt in October.

Similar to September, Chinese refiners are believed to have kept their refinery runs high in October as they looked ahead to higher seasonal winter demand in the fourth quarter and after having run down domestic product stocks in July and August.

In China's individual oil products markets, apparent demand for gasoil, primarily used in the transport and industrial sectors, continued to show growth in October. It increased 2.6% from a year ago to 14.36 million mt or 3.47 million b/d. Growth in September had rebounded to 4.7% following three consecutive months of demand contraction – which averaged 1.8% -- from June to August to 3.3 million b/d.

Domestic production of gasoil in October was up 4.8% from a year ago to 14.46 million mt. China's net exports of gasoil last month totaled 100,000 mt. This compared to net imports of 200,000 mt in October 2011. China consumes more gasoil than any other oil product.

"Year-to-date gasoil demand is fairly anemic at just 1.3% to 3.45 million b/d on a year-over-year basis," said Song. "But demand growth is expected to pick up to the 3-4% range in the fourth quarter of this year and the first quarter of next year as the government's stimulus measures continue to filter through the economy."

Apparent demand for gasoline in October rose 8.8% year over year to 7.39 million mt or 2.03 million b/d. The rise was largely driven by an increase in domestic output, also up 8.8%, to 2.09 million b/d. China is a net exporter of gasoline. Total gasoline exports last month were 220,000 mt, up 10% from a year ago.

Meanwhile, jet fuel/kerosene demand in October was up 28.6% from a year ago to 464,928 b/d or 1.85 million mt. The rise followed a relatively low base of 361,608 b/d in October 2011. Exports of jet/kerosene last month surged 32.6% to 610,000 mt on a year-over-year basis, while imports rose 47.5% to 590,000 mt. Domestic production totaled 469,960 b/d in October, a 24.8% rise from October 2011.

MONTHLY TRADE DATA IN MILLION METRIC TONS:


Oct '12

Oct '11

%Chg

Sep '12

Aug '12

Jul '12

Jun '12

Net crude imports

23.33

20.69

12.8

19.88

18.21

21.62

21.61

Crude production

17.91

16.52

8.4

17.43

17.53

17.03

16.5

Apparent demand

41.28

38.73

6.6

40.12

37.87

38.92

36.84

*Platts calculates China's apparent or implied oil demand on the basis of crude throughput volumes at the domestic refineries and net oil product imports, as reported by the National Bureau of Statistics and Chinese customs. Platts also takes into account undeclared revisions in NBS historical data.

The government releases data on imports, exports, domestic crude production and refinery throughput data, but does not give official data on the country's actual oil consumption figure and oil stockpiles. Official statistics on oil storage are released intermittently.

Platts releases its monthly calculation of China's apparent demand between the 18th and 26th of every month via press release and via its website. Any use of this information must be appropriately attributed to Platts.

For more information on crude oil, visit the Platts website at www.platts.com. For Chinese-language information on oil and the energy and metals markets, visit http://www.platts.cn/.

About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals and metals information and a premier source of benchmark prices for the physical and futures markets.  Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency.  Customers in more than 150 countries benefit from Platts' coverage of the carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, and shipping markets.  A division of The McGraw-Hill Companies (NYSE: MHP), Platts is headquartered in New York with approximately 900 employees in more than 15 offices worldwide. Additional information is available at http://www.platts.com.

About The McGraw-Hill Companies: McGraw-Hill announced on September 12, 2011, its intention to separate into two public companies: McGraw-Hill Financial, a leading provider of content and analytics to global financial markets, and McGraw-Hill Education, a leading education company focused on digital learning and education services worldwide.  McGraw-Hill Financial's leading brands include Standard & Poor's Ratings Services, S&P Capital IQ, S&P Indices, Platts energy information services and J.D. Power and Associates.  With sales of $6.2 billion in 2010, the Corporation has approximately 21,000 employees across more than 280 offices in 40 countries.  Additional information is available at http://www.mcgraw-hill.com/

CONTACT
Kathleen Tanzy
212-904-2860
[email protected]

 

SOURCE Platts

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Between the mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at 18th Cloud Expo, Charles Kendrick, CTO & Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how business and devel...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
New Relic, Inc. has announced a set of new features across the New Relic Software Analytics Cloud that offer IT operations teams increased visibility, and the ability to diagnose and resolve performance problems quickly. The new features further IT operations teams’ ability to leverage data and analytics, as well as drive collaboration and a common, shared understanding between teams. Software teams are under pressure to resolve performance issues quickly and improve availability, as the comple...
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, will draw upon their own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He will also discuss the implementation of microservices in data and applicat...
Join IBM June 8 at 18th Cloud Expo at the Javits Center in New York City, NY, and learn how to innovate like a startup and scale for the enterprise. You need to deliver quality applications faster and cheaper, attract and retain customers with an engaging experience across devices, and seamlessly integrate your enterprise systems. And you can't take 12 months to do it.
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
As you respond to increasing requests for new analytics, you need fast and flexible technology in your arsenal so that you can deploy the right workload to the right platform for the need at hand. Do you need self-service and fast time to value? Do you have data and application control and privacy needs, along with strict SLAs to meet? IBM dashDB™ is data warehouse technology powered by in-memory computing and in-database analytics that are designed for fast results, scalability and more.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...