• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 2 hours Emissions Need To Be Halved To Avoid 3C Warming
  • 2 mins Iran downs US drone. No military response . . Just Destroy their Economy Completely. Can Senator Kerry be tried for aiding enemy ?
  • 1 hour Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 37 mins Summit in Pyongyang: China's Xi Says World Hopes North Korea-U.S. Talks Can Succeed
  • 21 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 5 hours Coal Boom in Asia is Real and a Long Trend
  • 11 hours Solar Panels at 26 cents per watt
  • 4 hours Huge UK Gas Discovery
  • 2 hours Pioneer CEO Said U.S. Oil Production would be up to 15 mm bbls/day NOW if we had the pipelines. Permian pipelines STARTING Q3
  • 16 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 16 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 16 hours US to become net oil exporter in November: EIA
  • 13 hours US Shale Drilling lacks regulatory body.
  • 15 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030

Breaking News:

Iran Claims It Shot Down U.S. Drone

Alt Text

Are Oil Prices About To Bounce Back?

Money managers have gotten increasingly…

Alt Text

Why The Oklahoma Shale Boom Isn’t Taking Off

Major geological challenges and relatively…

Alt Text

How To Buy Gold For $3 An Ounce

Gold is once again gaining…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

China’s Oil Inventories Rise 416.7% In One Month

Crude oil stockpiles in China rose by 29.09 million barrels last month from a month before and are likely to continue up, S&P Global Platts calculations have suggested. The inventory build was a result of rising imports combined with lower refinery activity, which led to the 416.7-percent surge in October from September.

On an annual basis, crude oil supply in October rose 21.3 percent to 415.96 million barrels, S&P Global Platts also said, noting the monthly increase in total supply was a lot more modest than the jump in inventories, at 8.9 percent, mostly as a result of higher imports.

China’s crude oil imports averaged 9.61 million barrels a day last month, customs data cited by Reuters revealed earlier this month, with the agency noting the amount is the highest on record. Once again, it was the independent refiners, or teapots, that drove the increase as they seek to fulfill their import quotas before they expire.

The total October volume of imports hit 40.80 million tons, of which teapots imported 8.22 million tons. Yet this was lower than the teapots’ intake as forecast by S&P Platts last month, which was 9 million tons. It was, however, substantially higher than the 7.26 million tons independent Chinese refiners imported in September. Related: Natural Gas Price Explosion Bankrupts Traders

At the same time, refinery throughputs also rose substantially in October, S&P Global Platts notes, citing official data. These hit 386.88 million barrels for the month, up 4.6 percent on October 2017.

Although the stockpile numbers seem impressive, for the first nine months of the year China’s oil stocks rose by a total 197 million barrels of crude, which was lower than the increase for the respective period of 2017: between January and October 2017, stockpiles of crude rose by as much as 266 million barrels.

Although China does not release official information about its crude oil inventories, it does release production and import data, which is used by data analysts and news providers to make plausible calculations of the inventory situation in one of the world’s top consumers of oil.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Dan Foster on November 20 2018 said:
    Why not? Canada is giving it away.
  • Greg on November 20 2018 said:
    Your headline, common.... Platts: "The STOCKBUILD in October surged 416.7% from the BUILD in September, and contrasted sharply to a draw of 26.81 million barrels".....

    vs. China’s Oil Inventories Rise 416.7% In One Month, author bias anyone.

Leave a comment





Oilprice - The No. 1 Source for Oil & Energy News