by Bloomberg
|Friday, February 26, 2021
China s oil stockpiles have risen to around 100 days worth of net imports, making it increasingly challenging to find extra storage tanks and facilities to hold supplies.
(Bloomberg) China’s oil stockpiles have risen to around 100 days worth of net imports, making it increasingly challenging to find extra storage tanks and facilities to hold supplies, two people with knowledge of supply levels said.
The build-up follows a push by Beijing to buy up crude for its reserves last year when prices crashed due to the coronavirus pandemic. The figure represents government and commercial inventories, said the people who asked not to be identified because the information isn’t public. The reserves fluctuate but have consistently been at or above 100 days worth of imports and rose as high as 120 days recently, one of the people said.
Domestic refining margins still weak 6-month Brent backwardation widest in 13 months Medium sour grades flip to discounts in spot market
SINGAPORE, Feb 26 (Reuters) - China’s crude oil imports are set to slow in the second quarter after Brent prices hit a 13-month high, cooling demand and capping refiners’ margins as they prepare to shut for planned maintenance, industry sources and analysts said.
Expectations of a recovery in global fuel demand and tighter oil supplies from Saudi Arabia and the United States pushed front-month Brent futures to their highest since January 2020 this week, up around 30% from January.
Chinese independent refiners, who account for a fifth of the country’s import demand, have become reluctant to buy cargoes as they enter a low-demand season, while domestic margins have yet to catch up with strong gains in international prices, the sources said.
Worldâs largest oil importer running out of storage capacity By Aaron Clark and Sharon Cho on 2/26/2021
PetroChina storage tanks
(Bloomberg) Chinaâs oil stockpiles have risen to around 100 days worth of net imports, making it increasingly challenging to find extra storage tanks and facilities to hold supplies, two people with knowledge of supply levels said.
The build-up follows a push by Beijing to buy up crude for its reserves last year when prices crashed due to the coronavirus pandemic. The figure represents government and commercial inventories, said the people who asked not to be identified because the information isnât public. The reserves fluctuate but have consistently been at or above 100 days worth of imports and rose as high as 120 days recently, one of the people said.
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