Welcome!

@DXWorldExpo Authors: Yeshim Deniz, Zakia Bouachraoui, Liz McMillan, Pat Romanski, Elizabeth White

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.

DXWorldEXPO Digital Transformation Stories
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the tec...
Disruption, Innovation, Artificial Intelligence and Machine Learning, Leadership and Management hear these words all day every day... lofty goals but how do we make it real? Add to that, that simply put, people don't like change. But what if we could implement and utilize these enterprise tools in a fast and "Non-Disruptive" way, enabling us to glean insights about our business, identify and reduce exposure, risk and liability, and secure business continuity?
Nicolas Fierro is CEO of MIMIR Blockchain Solutions. He is a programmer, technologist, and operations dev who has worked with Ethereum and blockchain since 2014. His knowledge in blockchain dates to when he performed dev ops services to the Ethereum Foundation as one the privileged few developers to work with the original core team in Switzerland.
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
DXWorldEXPO LLC announced today that Telecom Reseller has been named "Media Sponsor" of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.