Welcome!

Big Data Journal Authors: Roger Strukhoff, Esmeralda Swartz, Carmen Gonzalez, JP Morgenthal, Lori MacVittie

News Feed Item

Platts Report: China's Oil Demand Hits Record High in November

Domestic Refinery Runs Also at Record High Volumes

SINGAPORE, Dec. 24, 2012 /PRNewswire/ -- China's apparent oil demand* rose 9.1% year over year in November to 42.96 million metric tons (mt), or an average 10.5 million barrels per day (b/d), the highest on record, a just-released Platts analysis of recent Chinese government data showed.

November apparent demand surpassed the previous record high of 9.8 million b/d in September. It was also higher than in October, when apparent demand had risen 6.6% year over year to 9.75 million b/d.

The robust growth is more evidence that China's economy is on the mend. In November last year, apparent demand grew by just 3.3% year over year to 9.62 million b/d.

Apparent demand in November was boosted by record refinery throughput, which rose 9.1% from November 2011 to 10.17 million b/d last month, according to data released by China's National Bureau of Statistics on December 12. Another factor contributing to the rise in apparent demand was the increase in net oil product imports of 11.6% year over year to 1.35 million mt in November.

Similar to October, it appears that Chinese refiners kept their refinery runs high in November to prepare for higher seasonal winter demand in the fourth quarter and early next year, particularly after they had run down domestic product stocks in July and August.

"The strong growth in November came from a recovery in consumption but part of it was also likely due to domestic refineries keeping their runs high to replenish oil product stocks that were run down in summer," said Song Yen Ling, Platts senior writer for China. "According to sources, demand growth could moderate to around the 5% level going forward once refiners have replaced these stocks," Song said.

In China's individual oil products markets, apparent demand for gasoil in November continued to show growth for the third consecutive month, increasing 2.8% from a year ago to 14.65 million mt or 3.66 million b/d.

Apparent demand for gasoil had contracted by an average 1.8% from June to August this year to 3.3 million b/d. It rebounded to positive growth in September, when it rose 4.7% to 3.45 million b/d.

Domestic production of gasoil, primarily used in the transport and industrial sectors, rose 5% last month versus a year ago to 14.89 million mt. China's net exports of the fuel were 240,000 mt in November, which compared to net imports of 70,000 mt in November 2011. China consumes more gasoil than any other oil product.

"November growth for gasoil apparent demand is in line with market estimates and could increase further in the coming months if the temperature in winter continues to fall," said Song. "Also, there were some new refinery capacity additions which likely contributed to the higher gasoil exports."

Apparent demand for gasoline in November rose 16.9% versus the same month a year ago to 7.71 million mt (2.18 million b/d), largely driven by domestic output, which rose 15.7% to 2.28 million b/d. China is a net exporter of gasoline. Total gasoline exports last month fell 5.7% year on year to 330,000 mt.

Meanwhile, jet fuel/kerosene demand in November dipped 1.2% on a year-over-year basis to 1.7 million mt (442,954 b/d). This occurred despite a domestic production rise of 16% in November of this year versus November 2011 to 489,754 b/d. Jet/kerosene exports surged 73.7% to 660,000 mt, while imports were similar to November 2011, at 480,000 mt.

MONTHLY TRADE DATA IN MILLION METRIC TONS:


Nov '12

Nov '11

% Chg

Oct '12

Sep '12

Aug '12

Jul '12

Net crude
imports

23.25

22.56

3.1

23.33

19.88

18.21

21.62

Crude
production

17.39

16.35

6.4

17.91

17.43

17.53

17.03

Apparent
demand

42.96

39.36

9.1

41.28

40.12

37.87

38.92

*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.

@BigDataExpo Stories
Samsung promises to be one of the 800-pound gorillas of the IoT, if its success in recent years with Android devices and other consumer electronics is any guide. Showing its willingness to be a big IoT player, the company recently acquired SmartThings, a recent startup that's developed an open smarthome appliation that currently supports 1,000 devices and 8,000 apps. SmartThings will now work under the auspices of Samsung's Open Innovation Center (OIC). SmartThings Founder and CEO Alex Hawkinson...
General Electric (GE) has been a household name for more than a century, thanks in large part to its role in making households easier to run. Starting with the light bulb invented by its founder, Thomas Edison, GE has been selling devices (“things”) to consumers throughout its 122-year history. Last week, GE announced that it is officially leaving that job to others. While the lighting division will stay, GE will now turn its attention to selling industrial machinery and analytics as a service t...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money! Speaker Bio: ...
How do you know when a technology has become mainstream? A good clue may be when politicians start talking about it on the campaign trail and with mainstream media. David Cameron, the UK prime minister, was the latest, indicating that the world was now on “fast-forward” with the Internet of Things (IoT) ushering in the new industrial revolution. No mention of IoT targeted at the masses would be complete without the clichéd example of the communicating fridge. While it is easy to get caught up in...
Machine-to-machine (M2M) technology and the resulting Internet of Things are leading us inexorably toward everything-as-a-service (XaaS). As more things get connected, the range of service opportunities expands. And as those services are presented online, they become available for use, re-use and re-purposing. At first thought, the idea of more connected devices suggests simply that there will be more devices around, and as such, more products for manufacturers to make and sell. That’s true, bu...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: S...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, will discuss how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP ...
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, will focus on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud pla...
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce t...
As Platform as a Service (PaaS) matures as a category, developers should have the ability to use the programming language of their choice to build applications and have access to a wide array of services. Bluemix is IBM's open cloud development platform that enables users to easily build cloud-based, creative mobile and web applications without having to spend large amounts of time and resources on configuring infrastructure and multiple software licenses. In this track, you will learn about the...
SYS-CON Events announced today that Verizon has been named "Gold Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Verizon Enterprise Solutions creates global connections that generate growth, drive business innovation and move society forward. With industry-specific solutions and a full range of global wholesale offerings provided over the company's secure mobility, cloud, strategic network...
SimpleECM is the only platform to offer a powerful combination of enterprise content management (ECM) services, capture solutions, and third-party business services providing simplified integrations and workflow development for solution providers. SimpleECM is opening the market to businesses of all sizes by reinventing the delivery of ECM services. Our APIs make the development of ECM services simple with the use of familiar technologies for a frictionless integration directly into web applicat...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic...
Cloudwick, the leading big data DevOps service and solution provider to the Fortune 1000, announced Big Loop, its multi-vendor operations platform. Cloudwick Big Loop creates greater collaboration between Fortune 1000 IT staff, developers and their database management systems as well as big data vendors. This allows customers to comprehensively manage and oversee their entire infrastructure, which leads to more successful production cluster operations, and scale-out. Cloudwick Big Loop supports ...
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation...
Headquartered in Santa Monica, California, Bitium was founded by Kriz and Erik Gustavson. The 1,500 cloud-based application using Bitium’s analytics, app management, and single sign-on services include bug trackers, customer service dashboards, Google Apps, and social networks. The firm states website administrators can do multiple tasks online without revealing passwords. Bitium’s advisors include Microsoft’s former CMO and the former senior vice president of strategy, the founder and CEO of Li...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, da...