China processeses more crude Oil in July – Commerzbank

Source Fxstreet

China processed a good 63 million tons of crude Oil in July, which corresponds to a daily volume of 14.85 million barrels, Commerzbank's commodity analyst Carsten Fritsch notes.

Volume processed is 1.3% higher than in the same period last year

"According to the National Bureau of Statistics, processing was up 8.9% on the previous year. Based on the available data, the increase amounts to 6.8%. The decline of nearly 2% compared to the previous month can be explained by the high comparative level in June, when crude Oil processing reached its highest level since September 2023 on a daily basis."

"In the first seven months of the year, Chinese refineries processed a total of just under 425 million tons or 14.64 million barrels per day of crude Oil. The volume processed was thus 1.3% higher than in the same period last year."

"Due to the monthly decline in processing, there was also an implied stock build of the equivalent of 530,000 barrels per day in July when processing is set against China's crude Oil imports and crude Oil production. The fact that the oversupply was 900,000 barrels per day lower than in June was due to the sharp decline in imports and a slight drop in crude Oil production."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
OpenAI Introduces Lowest-Cost ChatGPT Subscription in India with UPI Payment OptionOn Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
Author  Mitrade
12 hours ago
On Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
placeholder
Small Caps and Value Stocks Lead Gains as S&P 500 AdvancesLast week, the S&P 500 continued its upward momentum despite notable shifts in market leadership.
Author  Mitrade
12 hours ago
Last week, the S&P 500 continued its upward momentum despite notable shifts in market leadership.
placeholder
Australian Consumer Confidence Hits 3-Year High on RBA Rate CutsAustralian consumer sentiment soared to its highest level in over three years in August, buoyed by recent Reserve Bank of Australia (RBA) rate cuts and easing cost-of-living pressures, according to a Westpac-Melbourne Institute survey released Tuesday.
Author  Mitrade
16 hours ago
Australian consumer sentiment soared to its highest level in over three years in August, buoyed by recent Reserve Bank of Australia (RBA) rate cuts and easing cost-of-living pressures, according to a Westpac-Melbourne Institute survey released Tuesday.
placeholder
Asia Stocks Pause as Fed, Russia-Ukraine Talks Weigh on SentimentAsian stocks traded in a narrow range on Tuesday, easing after strong gains in the prior session as investors stayed cautious over ongoing Russia-Ukraine peace negotiations and awaited fresh policy signals from the U.S. Federal Reserve.
Author  Mitrade
16 hours ago
Asian stocks traded in a narrow range on Tuesday, easing after strong gains in the prior session as investors stayed cautious over ongoing Russia-Ukraine peace negotiations and awaited fresh policy signals from the U.S. Federal Reserve.
placeholder
Bitcoin Falls Below $116,000 Amid Growing Macro UncertaintyBitcoin slid below the 116,000 mark on Monday, retreating sharply from its record highs achieved last week.
Author  Mitrade
Yesterday 08: 04
Bitcoin slid below the 116,000 mark on Monday, retreating sharply from its record highs achieved last week.
Related Instrument
goTop
quote