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
"Operations is sort of the maturation of cloud utilization and the move to the cloud," explained Steve Anderson, Product Manager for BMC’s Cloud Lifecycle Management, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...