China's Oct fuel oil imports climb to five-month high
By Jeslyn Lerh
SINGAPORE, Nov 20 (Reuters) -China's fuel oil imports for October rose to their highest in five months, customs data showed on Wednesday.
The imports totalled 2.06 million metric tons, or about 423,000 barrels per day, according to data from the General Administration of Customs.
The import volume edged up 3% month-on-month and 14% year-on-year. This included purchases under ordinary trade, which are subject to import duty and consumption tax, as well as imports into bonded storage.
Some buyers continued to procure fuel oil for use as refinery feedstocks, after outright prices dropped amid a softer crude in October, trade sources said.
More fuel oil was also imported from Singapore for the marine bunker pool, they added.
The marine fuel export quota for the third batch this year was below market expectations, which resulted in less domestic supply available for bunkering in China.
Fuel oil export volume for bunkering totalled 1.20 million metric tons in October, down 37% month-on-month and dropping 14% year-on-year.
The exports are measured mostly by sales from bonded storage for vessels plying international routes.
The tables below show China's fuel oil exports and imports in metric tons. The exports section largely captures China's low sulphur oil bunkering sales along its coast.
Exports (2024) | Bonded storage trade | m/m % change | y/y % change |
January | 1,674,002 | 11% | 33% |
February | 1,173,447 | -30% | -24% |
March | 1,315,242 | 12% | -32% |
April | 1,636,457 | 24% | 20% |
May | 1,660,323 | 1% | -10% |
June | 1,586,814 | -4% | -18% |
July | 1,664,325 | 5% | 8% |
August | 1,463,580 | -12% | -5% |
September | 1,903,942 | 30% | 30% |
October * | 1,202,569 | -37% | -14% |
Imports (2024) | Ordinary trade | Bonded storage trade | Total | m/m % change | y/y % change |
January | 737,451 | 1,414,318 | 2,151,769 | 5% | 78% |
February | 599,867 | 842,089 | 1,441,956 | -33% | -18% |
March | 727,674 | 1,250,129 | 1,977,803 | 37% | -19% |
April | 725,664 | 2,207,164 | 2,932,828 | 48% | 10% |
May | 592,343 | 1,561,447 | 2,153,790 | -27% | -19% |
June | 498,481 | 991,808 | 1,490,289 | -31% | -45% |
July | 587,226 | 789,259 | 1,376,485 | -8% | -9% |
August | 674,850 | 1,229,507 | 1,904,357 | 38% | 36% |
September | 840,589 | 1,169,595 | 2,010,184 | 6% | 93% |
October * | 557,025 | 1,506,887 | 2,063,912 | 3% | 14% |
(Figures are based on latest available data at the time of publishing, and may be subject to revision by China customs at a later date)
(1 metric ton = 6.35 barrels for fuel oil conversion)
Reporting by Jeslyn Lerh; Editing by David Evans and Nicholas Yong
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
