China's crude oil imports hit a new monthly high in June

The import and export data released by the General Administration of Customs of China on July 10 showed that China’s crude oil imports reached 22.27 million tons in June, an increase of 24.8% from May. It is worth noting that the import volume of 22.27 million tons of crude oil in a single month has broken the previous record of 21.17 million tons imported in a single month, and this record was just created in April this year.

China is currently the world’s second largest crude oil importing country. In June, domestic crude oil imports amounted to approximately 5.39 million barrels per day, which is a significant increase from the 4.2 million barrels per day in May. According to Bloomberg data, China's crude oil price was US$77.2 per barrel in June, far below the US$82.5 per barrel in May.

Xiwang Energy analyst Chu Jiewang believes that “the international crude oil price in June was relatively reasonable, domestic refinery companies have better profits, and the demand for domestic oil products in summer is relatively large, which is the main reason for the surge in crude oil imports in June. ”

In addition, the resumption of production of large refineries and production is also an incremental increase in crude oil demand that cannot be ignored.

Two refineries with daily crude oil processing capacity of more than 200,000 barrels - Yanshan Petrochemical and Shanghai Petrochemical completed equipment maintenance and overhaul work in May and resumed production capacity in June. In addition, the Qinzhou Oil Refinery, with a processing volume of 201,000 barrels per day, was completed and put into operation in late June this year. According to data from Dow Jones Newswires, the average operating rate of 18 domestic refineries in June was 91.0%, up from 85.8% in May.

Chu Jiewang believes that the State Council’s encouragement of private capital investment in the “new 36” has also played a certain role in pulling, “In order to enhance the oil reserve capacity and increase the utilization rate of private capacity, the state conducted the storage qualification for storage of social storage in May. Inviting bids, a total of six companies were awarded bids, including three private enterprises. The input of social oil depots has naturally increased the volume of crude oil imports."

While the domestic demand for crude oil has soared, some other economic indicators have shown some divergence.

HSBC China Manufacturing PMI fell to 50.4 in May from 52.7 in May, indicating that austerity measures are working. According to the data released by the China Association of Automobile Manufacturers, the sales growth of passenger vehicles in June (compared with the same period of last year) continued to slow, and fell slightly by 0.04% (compared with the previous month), which was the third consecutive monthly sales volume. Ring fell. These data show that the current economic growth is slowing, and this will have a certain impact on domestic crude oil demand.

“The slowdown in macroeconomic growth has a direct impact on domestic crude oil demand, but there is a certain lag. After August, China’s crude oil demand may decline, and gradually rising refined oil inventories will also reduce the operating rate of future refinery companies. "Chu Jiwang said.

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