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Premier eFinance: China’s fuel stocks high on slowing demand, gas imports at record highs.
End of June fuel stocks are almost 1 million tonnes and still at normal levels, while natural gas imports suggest a record for June.
By: Premier eFinance
Fuel consumption averaged 665,000 tonnes a day in the second quarter, down from a record daily consumption of 701,000 tonnes in March, the National Development and Reform Commission (NDRC) website report said.
Apparent consumption of refined oil products gained 7.2% year on year to 118.39 million tonnes in the first six months, with diesel consumption rising 6% to 74.47 million tonnes and gasoline use climbing 8.7% to 35.25 million tonnes.
Apparent fuel consumption gained 9.3% year on year to 57.93 million tonnes in the first quarter Premier eFinance was informed.
Fuel demand in China has dropped off dramatically in recent months as oil plants underwent heavy maintenance amid poor refining margins and Beijing's tightening economic policy cut into oil use.
The commission informed Premier eFinance that China's natural gas imports in the first half of this year shot up 100% from the previous year to 14.1 billion cubic meters (bcm).
This indicates that the China imported a record 2.7 bcm of the fuel in June based on January-to-May import figure released earlier by the commission.
Of the imports in the first six months, gas piped in from central Asia totaled 6.9 bcm and imports in the form of liquefied natural gas were at 7.2 bcm, Premier eFinance has learned.
The overall imports accounted for 22.4% of China's national gas consumption, 9% higher than last year.
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