SYS-CON MEDIA Authors: Louis Evans, Elizabeth White, Ed Featherston, Kevin Benedict, Adrian Bridgwater

News Feed Item

Platts Report: China's Oil Demand Continues Robust Growth in October

Demand is Third Highest on Record, Refinery Runs Remain High

SINGAPORE, Nov. 23, 2012 /PRNewswire/ -- China's apparent* oil demand rose 6.6% year over year in October to 41.28 million metric tons (mt), or an average 9.76 million barrels per day (b/d), the third highest on record, a just-released Platts analysis of recent Chinese government data showed.

October apparent* demand was slightly lower than the record 9.8 million b/d in September and the 9.77 million b/d seen in February this year.

"We continued to see strong growth in apparent oil demand in October, particularly after the lackluster performance from June to August when demand contracted by about 0.3% year over year," said Song Yen Ling, Platts senior writer for China. "Most analysts now believe China's economy is on the mend and we should see a corresponding improvement in oil demand going into next year."

China's oil demand in October continued to be sustained by a recovery in economic growth. In September, demand had risen 9.1% year over year, a rebound from the 1.5% contraction in August to 8.95 million b/d, the lowest since September 2011.

Apparent oil demand was also boosted by higher refinery throughput, which rose 6.7% from October 2011 to 9.44 million b/d, according to data released by China's National Bureau of Statistics on November 13. This is the second highest on record after the 9.47 million b/d seen in September. Another factor contributing to the rise in apparent demand was the surge in net oil product imports of 3.8% year over year to 1.37 million mt in October.

Similar to September, Chinese refiners are believed to have kept their refinery runs high in October as they looked ahead to higher seasonal winter demand in the fourth quarter and after having run down domestic product stocks in July and August.

In China's individual oil products markets, apparent demand for gasoil, primarily used in the transport and industrial sectors, continued to show growth in October. It increased 2.6% from a year ago to 14.36 million mt or 3.47 million b/d. Growth in September had rebounded to 4.7% following three consecutive months of demand contraction – which averaged 1.8% -- from June to August to 3.3 million b/d.

Domestic production of gasoil in October was up 4.8% from a year ago to 14.46 million mt. China's net exports of gasoil last month totaled 100,000 mt. This compared to net imports of 200,000 mt in October 2011. China consumes more gasoil than any other oil product.

"Year-to-date gasoil demand is fairly anemic at just 1.3% to 3.45 million b/d on a year-over-year basis," said Song. "But demand growth is expected to pick up to the 3-4% range in the fourth quarter of this year and the first quarter of next year as the government's stimulus measures continue to filter through the economy."

Apparent demand for gasoline in October rose 8.8% year over year to 7.39 million mt or 2.03 million b/d. The rise was largely driven by an increase in domestic output, also up 8.8%, to 2.09 million b/d. China is a net exporter of gasoline. Total gasoline exports last month were 220,000 mt, up 10% from a year ago.

Meanwhile, jet fuel/kerosene demand in October was up 28.6% from a year ago to 464,928 b/d or 1.85 million mt. The rise followed a relatively low base of 361,608 b/d in October 2011. Exports of jet/kerosene last month surged 32.6% to 610,000 mt on a year-over-year basis, while imports rose 47.5% to 590,000 mt. Domestic production totaled 469,960 b/d in October, a 24.8% rise from October 2011.

MONTHLY TRADE DATA IN MILLION METRIC TONS:


Oct '12

Oct '11

%Chg

Sep '12

Aug '12

Jul '12

Jun '12

Net crude imports

23.33

20.69

12.8

19.88

18.21

21.62

21.61

Crude production

17.91

16.52

8.4

17.43

17.53

17.03

16.5

Apparent demand

41.28

38.73

6.6

40.12

37.87

38.92

36.84

*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.

Latest Stories
Enterprise IoT is an exciting and chaotic space with a lot of potential to transform how the enterprise resources are managed. In his session at @ThingsExpo, Hari Srinivasan, Sr Product Manager at Cisco, will describe the challenges in enabling mass adoption of IoT, and share perspectives and insights on architectures/standards/protocols that are necessary to build a healthy ecosystem and lay the foundation to for a wide variety of exciting IoT use cases in the years to come.
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises a...
Zerto has announced the general availability of Zerto Virtual Replication 4.0 (ZVR 4.0). The company’s enterprise-class business continuity/disaster recovery (BC/DR) software is the first to protect, replicate, and migrate data between VMware vSphere and Microsoft Hyper-V hypervisors, as well as across private, hybrid and public cloud environments including Amazon Web Services (AWS). ZVR 4.0 also allows channel partners and cloud service providers to expand their offerings to grow revenues by pr...
Avnet, Inc. has announced that it ranked No. 4 on the InformationWeek Elite 100 – a list of the top business technology innovators in the U.S. Avnet was recognized for the development of an innovative cloud-based training system that serves as the foundation for Avnet Academy – the company’s education and training organization focused on technical training around top IT vendor technologies. The development of this system allowed Avnet to quickly expand its IT-related training capabilities around...
Docker is becoming very popular--we are seeing every major private and public cloud vendor racing to adopt it. It promises portability and interoperability, and is quickly becoming the currency of the Cloud. In his session at DevOps Summit, Bart Copeland, CEO of ActiveState, discussed why Docker is so important to the future of the cloud, but will also take a step back and show that Docker is actually only one piece of the puzzle. Copeland will outline the bigger picture of where Docker fits a...
This talk focuses on the application of DevOps fundamentals to include network infrastructure. It draws from real deployment case studies on the extension of today's paradigms to address the challenges of the network infrastructures' ability to seamlessly and cohesively integrate into agile workflows. In this session at DevOps Summit, Arista Networks will focus on configuration management using automation with a nod to future work necessary to include telemetry and ephemeral state information....
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developmen...
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
As cloud gives an opportunity to businesses to buy services externally – how is cloud impacting your customers? In his General Session at 15th Cloud Expo, Fabio Gori, Director of Worldwide Cloud Marketing at Cisco, provided answers to big questions: Do you see hybrid cloud as where the world is going? What benefits does it bring? And how does Cisco connect all of these clouds? He also discussed Intercloud and Cisco’s investment on it.
Database apps on mobile devices shouldn't stop working when there's limited or no network connectivity. In his session at 16th Cloud Expo, Bradley Holt, a Developer Advocate for IBM Cloudant, will discuss how to bring data stored in a cloud database to the edge of the network (and back again), whenever an Internet connection is available. He will demonstrate techniques for replicating cloud databases with mobile devices in order to build offline-enabled mobile apps that can provide a better,...
The WebRTC Summit 2015 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
It's time to put the "Thing" back in IoT. Whether it’s drones, robots, self-driving cars, ... There are multiple incredible examples of the power of IoT nowadays that are shadowed by announcements of yet another twist on statistics, databases, .... Sorry, I meant, Big Data(TM), tiered storage(TM), complex systems(TM), smart nations(TM), .... In his session at WebRTC Summit, Dr Alex Gouaillard, CTO and Co-Founder of Temasys, will discuss the concrete, cool, examples of IoT already happening tod...
SYS-CON Events announced today that CenturyLink, Inc., a leader in the network services market, has been named “Platinum Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. CenturyLink is the third largest telecommunications company in the United States and is recognized as a leader in the network services market by technology industry analyst firms. The company is a global leader in cloud infrastructure and ...