Chinese crude oil imports remained weak also in September – Commerzbank
China's crude oil imports fell to 11.1 million barrels per day in September, according to customs data, Commerzbank’s FX analyst Carsten Fritsch notes.
September data for crude oil processing signals subdued China oil demand
“This was the fifth consecutive month that imports were lower than the previous year's level. There was also a decline compared to the previous month, meaning that the monthly increase in August to 11.6 million barrels per day did not mark the beginning of a recovery. In the first nine months of the current year, China's crude oil imports averaged 11 million barrels per day.”
“This is a good 3% lower than in the corresponding period of the previous year. In the remaining three months, there would have to be a significant pick-up in imports to prevent the looming annual decline. To achieve this, imports between October and December would have to exceed 12 million barrels per day, which seems unrealistic.”
“Most recently, Chinese crude oil imports fell in 2021 and 2022 due to the impact of the coronavirus pandemic. This time, weak demand for diesel and gasoline is weighing on crude oil processing at refineries, which are therefore importing less crude oil. Therefore, the data for crude oil processing in September are not expected to be much better on Friday, signaling subdued oil demand in China.”
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