China’s Crude Imports Set to Hit Weakest Level Since 2016
Hormuz Shipping Confidence Is Still Shaky What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Chinese crude oil imports this month are on course to book an even weaker month than May, according to Kpler data, which sees the daily average at just 6.4 million barrels, ascitedby Bloomberg.
Data from Vortexa suggests a similar daily import level, the publication added.
This would be the weakest import rate since October 2016, Bloomberg noted, and an 8% decline on May volumes.
Thoseaveraged7.82 million barrels, according to customs data, down by 29% on the year and 17% on April.
The May average was also a 38% drop on February volumes, before the war began.
As of June, the difference from February import volumes is a negative 4 million barrels daily.
Some analysts expect Chinese demand to never recover to those pre-war levels.
Rystad Energy has estimated that China has seen oil demand destruction of between 200,000 barrels daily and 600,000 barrels daily from pre-war levels, and that demand may not recover by the end of this year.
Energy Aspects, meanwhile, sees a permanent oil demand loss of 300,000 barrels daily for China.
FGE NexantECA, expects China to book an oil import drop of as much as 3.3 million barrels daily for the current quarter.
SetOilPrice.comas a preferred source in Googlehere.
Others, however, expect China to start buying more as prices ease from mid-war highs, to replenish its inventories, which it used to weather the supply shock that the war caused.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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