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Page added on November 22, 2020
China makes rare, but small, draw on crude oil inventories
(The opinions expressed here are those of the author, a columnist for Reuters.)
LAUNCESTON, Australia (Reuters) – One of the standout features of the crude oil market since the start of the coronavirus pandemic has been the extraordinary amount being stored by China.
But that stopped in October, at least temporarily.
A combination of record refinery processing and an easing of import volumes, as the last of the cheap crude bought during a brief price war in April was delivered, led to a likely small draw on inventories in October.
China doesn’t disclose the volumes of crude flowing into strategic and commercial stockpiles. But an estimate can be made by deducting the amount of crude processed from the total amount of crude available from imports and domestic output.
In October, China’s refineries processed 59.82 million tonnes of crude, equivalent to 14.09 million barrels per day (bpd), narrowly beating the previous monthly record of 14.08 million bpd set in June.
Crude oil imports were 42.56 million tonnes, while domestic production was 16.41 million tonnes, giving a total of 58.97 million tonnes – equivalent to 13.89 million bpd.
Subtracting the crude available from the refinery throughput leaves a gap of 200,000 bpd, suggesting that Chinese refiners drew this modest amount from storage tanks during October.
While the implied inventory draw is small, it does represent a dramatic reversal of the trend so far this year, especially in the middle two quarters of the year when the crude purchased during the April price war started arriving at Chinese ports.
In the first nine months of the year an estimated 1.83 million bpd flowed into stockpiles, with the 2.77 million bpd from June being the highest on record.
The massive volumes flowing into Chinese storage tanks have in some ways masked the true state of weak demand across the globe, caused by lockdowns as many countries tried to stop the spread of the coronavirus pandemic.
The Chinese buying spree came during a dispute between Saudi Arabia and Russia, the leading exporters in the group known as OPEC+, which resulted in benchmark Brent crude futures LCOc1 dropping to the lowest in 17 years.
While the price war only lasted a few weeks before a new output agreement was struck, it did give Chinese refiners the opportunity to gorge on cheap supplies – so much so that the resulting flood of crude led to queues of tankers waiting for up to several weeks to discharge at ports.
The last of the cheap crude is likely to be offloaded this month, but it was already tailing off in October, with customs figures showing only 10.02 million bpd being discharged, the lowest monthly total in the past six.
IMPORTS TO REBOUND
The question for crude oil markets is now that China has received the last of the cheap crude, will it run down bulging inventories, continue to buy for storage or simply match imports to refining demand?
While the small apparent draw in inventories in October may suggest Chinese refiners will use up stockpiled crude, it’s far too early to say for certain this is the case.
In fact, it appears that crude imports are likely to recover again in November. China will import an estimated 11.3 million bpd this month, according to preliminary estimates by Refinitiv Oil Research.
The rebound is on the back of higher imports from Saudi Arabia, after the kingdom cut its official selling prices, with Refinitiv estimating imports at 2.25 million bpd in November, up from 1.29 million bpd in October.
Another factor is higher imports from the United States: an estimated 1.07 million bpd are expected to be discharged in November, up from 490,000 bpd in October.
It may be the case that Beijing is trying to boost purchases of U.S. crude in an attempt to meet the terms of its so-called Phase 1 trade deal with Washington, which called for a dramatic increase in imports of U.S. crude, liquefied natural gas and coal.
Since the signing of the agreement in January, China’s imports of U.S. energy have come nowhere near the levels specified in the deal. But Beijing may be trying to show that it is making some effort ahead of the exit of defeated President Donald Trump and the January installation of his successor, Joe Biden.
55 Comments on "China makes rare, but small, draw on crude oil inventories"
bochen787 on Mon, 23rd Nov 2020 12:56 am
The World Loves You So Very Much China!
AmITryingToHelpYouOrNot on Mon, 23rd Nov 2020 6:08 am
You see fucking retard politicians, I told you I would like to see kill by an enraged populace and after that I would like to piss and shit on your cadavers.
So the question you need to ask yourself every time I wrote a comment is that: is he trying to help us or is he trying to get us killed by an enraged populace.
I still love the brown immigrants and I still love having my youtube account spy on. I also love that you ordered a full investigation on me and share all the details with every provincial prime minister in Canada. I really feel that Canada respect the White man.
smartmatic on Mon, 23rd Nov 2020 6:17 am
“Smartmatic Lied: Lord Mark Malloch Brown Admitted to License Agreement Between Smartmatic and Dominion in 2015 Interview (VIDEO)”
https://www.thegatewaypundit.com/2020/11/smartmatic-lied-lord-mark-malloch-brown-admitted-license-agreement-smartmatic-dominion-2015-interview-video/
“Smartmatic, a UK based company, is a George Soros linked company that has provided voting technology in 16 states including battleground zones like Arizona, Colorado, Florida, Michigan, Nevada, Pennsylvania and Virginia. The company was formed in 2000 and a Chavez campaign adviser was placed on the board as well. The chairman of Smartmatic is Lord Mark Malloch-Brown, who sits in the British House of Lords and on the board of George Soros’s Open Society Foundations. He was formerly the vice-chairman of Soros’s Investment Funds and even the deputy secretary-general of the United Nations when he worked as chief of staff to Kofi Annan. Smartmatic posted a tweet last week outright denying their transfer of technology to Dominion voting systems…In December 2007 Smartmatic announced the sale of their Sequoia Voting Systems to Dominion Voting Systems. Smartmatic published a press release announcing their sale Sequoia voting systems”
StupidUselessPoliticians on Mon, 23rd Nov 2020 6:27 am
Morrisson in Australia is such a loser same as TurdDope in Canada. Too funny watch these low IQ prime minsters fuck up everything they touch.
Coronavirus: Research reveals JobKeeper saved thousands of jobs | 9 News Australia
https://www.youtube.com/watch?v=qdUJuhbRpfE
zero juan on Mon, 23rd Nov 2020 6:32 am
Ppee, we know this is you, Fuck. Please be more creative
StupidUselessPoliticians said Morrisson in Australia is such a loser same as Tur…
YouTimeIsAlmostIUp on Mon, 23rd Nov 2020 6:55 am
Face au Covid-19, Danone va supprimer jusqu’à 2 000 emplois en France
Le géant agroalimentaire français #Danone, malmené par la pandémie de #Covid-19, annonce lundi vouloir supprimer jusqu’à 2.000 postes dans ses sièges en France et à l’étranger afin de “simplifier” son organisation, renouer avec la croissance et augmenter sa rentabilité. Les précisions de Christophe Dansette, chroniqueur économie France 24.
https://www.youtube.com/watch?v=xhYA_p3Mv9M
My plan to have you kill by an enragted populance is coming along fine. I love this
Abraham van Helsing on Mon, 23rd Nov 2020 6:57 am
Ddaveee, we know this is you, Fuck. Please be more creative like me.
EnjoyYourLifeFucktards on Mon, 23rd Nov 2020 7:08 am
You see piece of shit politicians, some people would use the situation that I am in to become the king of the world.
Imagine everything I could own: fame, my own private helicopter and airplane,my personal 20 year old fuck toy, a big mansion with a full equipped automotive garage to work on my old pickup as hobby and so on.
You see I don’t any of that stuff. I want revenge for flooding Canada with ugly brown diversity and revenge for you spying on my YouTube account ordering a full investigation about me. It is all about revenge for me now, all about revenge. My goal is still to piss and shit on your dead cadaver.
ILoveThatNews on Mon, 23rd Nov 2020 7:36 am
“You Are Such A Dick” – New Jersey Governor Heckled While Enjoying Mask-Free Meal With Family
https://www.zerohedge.com/political/you-are-such-dick-new-jersey-governor-heckled-while-enjoying-mask-free-meal-family
You see retard politicians, my plan to shit and piss of your dead cadaver is slowly shaping up. You don’t have to say thank you,
Aussie Bob on Mon, 23rd Nov 2020 10:19 am
G’day my fellow melodramatic sooner mates!
The covid sharts are coming thick and fast this morning.
With no clean breaks all morning the toilet paper is running low to get me up and running.
Strewth I feel dryer than a dingos coat now!
Aussie Bob on Mon, 23rd Nov 2020 10:21 am
Sorry cobbers I meant to say melodramatic doomer mates not fickin sooner mates.
It’s the stupid fuckin spell check !
Oh shit it’s hot! Here it comes again!
Board moderator on Mon, 23rd Nov 2020 10:22 am
You will be removed for joking about the very serious covid shartitis!
You Australians are ruining this website!
Davy on Mon, 23rd Nov 2020 10:25 am
America is great again!
All those who disagree are evil bastards and will be sanctioned forever.
Yours pathetically,
Davy the ugly American
makati1 on Mon, 23rd Nov 2020 10:27 am
Here in the most bestestist country in the galaxy the Phillipines things have got serious!
They have increased the cost of the ladyboy rentals by 1USD per weekend!
Yours angrily,
Makati the born again gook
zero juan on Mon, 23rd Nov 2020 10:53 am
Now Ppeee is doing ID theft on his best friend, what a piece of shit!
makati1 said Here in the most bestestist country in the galaxy…
Davy said America is great again! All those who disagree are…
Board moderator said You will be removed for joking about the very seri…
Aussie Bob said Sorry cobbers I meant to say melodramatic doomer m…
Aussie Bob said G’day my fellow melodramatic sooner mates! T…
dratrepus tak the latest convict-19 hoax pusher list is growing with NJ phil murphy enjoy restaurant dining without face diapers said i told you guyes we need to amputate whitey supert…
Duncan Idaho on Mon, 23rd Nov 2020 11:40 am
Hey Joe, Where You Going With That Pentagon in Your Hands?
https://www.commondreams.org/views/2020/11/23/hey-joe-where-you-going-pentagon-your-hands
WomenAreTooStupidToRunGouverment on Mon, 23rd Nov 2020 11:40 am
Women are too stupid to be in any positions of powers. This is why inferior man like TurdDope surround himself with cunts.
Women are too stupid to run a country, starting with Chrystia Freeland.
https://www.youtube.com/watch?v=i_UKg-L0I2U
I love watching Canada turning into a 3 world shit hole
FreeLandIsAStrupidCow on Mon, 23rd Nov 2020 11:48 am
Hi starvinglion. I made some comments this morning on this page. You might like them
https://peakoil.com/consumption/china-makes-rare-but-small-draw-on-crude-oil-inventories
zero juan on Mon, 23rd Nov 2020 12:00 pm
dumbfuck jaunPpee:
FreeLandIsAStrupidCow said Hi starvinglion. I made some comments this morning…
WomemAreStupidChildenLookAtFreeland said Hello starvinglion. I made a bunch of comments on…
WomenAreTooStupidToRunGouverment said Women are too stupid to be in any positions of pow…
Duncan Idaho on Mon, 23rd Nov 2020 12:01 pm
“Republicans are arrogant, middle class, white racists who drive around in monster trucks screaming “fuck your feelings” and worshipping the greatest con-man America has ever produced while praising Jesus as their savior in the same breath. There is nothing liberalism did to cause that except to refuse to live in the 19th century and declare themselves to be “avowedly with” the right wing in all their hatreds and resentments.”
Our repug friends are not the brightest porch lights on the block
ShutYourMouthWomen on Mon, 23rd Nov 2020 12:06 pm
You know what you women are good for: sex toy, cooking, cleaning, pushing babies out and keeping your mouth shut. Only inferior man like TurdDope think women have something intelligent to say.
ILikeRealFreedom on Mon, 23rd Nov 2020 12:21 pm
There is feeling of freedom knowing you will be dead soon because of oil collapse. You can forget about the past and stop worrying about the future because there is no future.
StupidUselessPoliticians on Mon, 23rd Nov 2020 12:49 pm
Starving take a look at this useless politicina. he looks all whites.
https://www.youtube.com/watch?v=sWgZiJpIwSY
WomenAreStupidPieceOfShitLookAtCanada on Mon, 23rd Nov 2020 2:25 pm
OutcastPhilosopher » Mon 23 Nov 2020, 16:17:43
Yeah, I agree. Women are too stupid to lead.
Think how to protect yourself.
IStillDontCareAboutCanada on Mon, 23rd Nov 2020 2:32 pm
OutcastPhilosopher
Freeland is so stupid that they put two translator on each side to divert your attention from what she is saying. Turn the sound off like I do and browse trought the video, they all want to cry. I still dont give a shit Canaduh.
https://www.youtube.com/watch?v=i_UKg-L0I2U
zero juan on Mon, 23rd Nov 2020 2:58 pm
Mindless juanPpeee shit:
IStillDontCareAboutCanada said OutcastPhilosopher Freeland is so stupid that the…
WomenAreStupidPieceOfShitLookAtCanada said OutcastPhilosopher » Mon 23 Nov 2020, 16:17:43 Ye…
zero juan said Please stop using my ID Davy.
StupidUselessPoliticians said Starving take a look at this useless politicina. h…
REAL Green said “Trumps in on it.” So true widdle. So true. He doe…
ILikeRealFreedom said There is feeling of freedom knowing you will be de…
ShutYourMouthWomen said You know what you women are good for: sex toy, coo…
YouDeserverItRetard on Mon, 23rd Nov 2020 4:08 pm
This is fucking quebec, this is why I am still my ass and not giving a shit about quebec and canda.
https://journeesquebec.gouv.qc.ca/senegal.html
Période pour soumettre votre candidature sur les offres d’emploi proposées : du 30 novembre au 16 décembre 2020
Youi fucking piece of shit
YouFuckingDeserveItRetard on Mon, 23rd Nov 2020 4:16 pm
You fucking pieces shits wants to play this game together. I will the sitting on my ass game and keeping my ideas for myself. Fucking piece of shit,
https://journeesquebec.gouv.qc.ca/senegal.html
Période pour soumettre votre candidature sur les offres d’emploi proposées : du 30 novembre au 16 décembre 2020
Date des entretiens d’embauche : du 25 au 29 janvier 2021
Lieu : Dakar
Partenaire local : Agence nationale pour la promotion de l’emploi des jeunes
YouDeserveItRetard on Mon, 23rd Nov 2020 4:21 pm
You fucking pieces shits want to play this game together. I will play the sitting on my ass game and keeping my ideas for myself game. Fucking piece of shit. You stupid piece shits, you fucking stupid piece of shits
https://journeesquebec.gouv.qc.ca/senegal.html
Période pour soumettre votre candidature sur les offres d’emploi proposées : du 30 novembre au 16 décembre 2020
Date des entretiens d’embauche : du 25 au 29 janvier 2021
Lieu : Dakar
Partenaire local : Agence nationale pour la promotion de l’emploi des jeunes
Gaia on Mon, 23rd Nov 2020 4:22 pm
I’m white and prefer to interact with my own kind. That’s all.
Gaia on Mon, 23rd Nov 2020 4:26 pm
Whites are more than a skin color , it’s part of our identity.
YouDeserveItFucktards on Mon, 23rd Nov 2020 4:31 pm
Look at this fucking propaganda bullshit coming from the province of Quebec. There is nobody in Alberta. maritime provinces, nobody that could be interested. You fucking pieces of shit really deserve it.
La COVID-19 aggrave la pénurie d’hygiénistes dentaires au Québec
https://www.youtube.com/watch?v=aommbJkx2s8
Gaia on Mon, 23rd Nov 2020 4:50 pm
Quebec should face economic and trade sanctions more stricter than Iran, North Korea combined.
YouDeserverItRetard on Mon, 23rd Nov 2020 4:57 pm
Mon tabarnac d’enfant de chienne
zero juan on Mon, 23rd Nov 2020 5:00 pm
Please use your own ID Davy, and stop using mine.
zero juan on Mon, 23rd Nov 2020 2:58 pm
YouAreWelcomePieceOfShit on Mon, 23rd Nov 2020 5:41 pm
Listen to me carfully piece of shit, we are going back to dark ages and I will be the one presone to brings us there.
No potable, no electricity, no food, no clothing. This whole shit show is coming down. I am bring this whole shit show down by sitting on my ass and keeping my ideas for myself.
You are welcome piece of shit
coomer on Mon, 23rd Nov 2020 5:44 pm
“BREAKING: SECOND VIDEO REVEALED of Dominion Voting System’s Eric Coomer Explaining to Elections Officials How to Switch Votes (VIDEO)”
https://www.thegatewaypundit.com/2020/11/breaking-second-video-revealed-dominion-voting-systems-eric-coomer-explaining-elections-officials-switch-votes-video/
Dr. Eric Coomer who is responsible for the strategy and Security of Dominion Voting Systems at Dominion Voting Systems. But if you search the company’s profile Eric Coomer has since been removed from their page of directors. In 2016 Coomer told the Illinois States Board of Elections that it was possible to bypass election systems software. Dr. Coomer’s statement brings to light a very serious issue all voters should understand. Voting systems must be re-certified each time they make changes to the hardware or software. Recertification is an expensive and time consuming process. What Dr. Coomer told the Board is that Dominion Voting does not go back for recertification of software when threats to their code are discovered. Rather, they rely on post-election audits and providing advice to election jurisdictions about security. I have reviewed all of the recertification documents produced by Dominion, and I do not recall any software adjustments for security purposes. This is the reality of the security of your vote. Software systems that count and record the vote across Illinois and throughout the USA are not updated to address security problems, and even if they were, the software can be completely bypassed by going to the data tables that drive the systems. And in 2017 Eric Coomer explained how to alter votes in the Dominion Voting Systems in a Chicago demonstration. Here is the video…Now this…A video turned up from 2017 where Dr. Eric Coomer from Dominion Voting explained to Chicago elections officials how to alter votes in the Dominion voting machines.
https://www.thegatewaypundit.com/wp-content/uploads/coomer-deleted.jpg
https://www.thegatewaypundit.com/wp-content/uploads/coomer-elections.jpg
zero juan on Mon, 23rd Nov 2020 5:46 pm
Ppee, fuck, I am going to disrespect you every way I can, dumbfucks. Get used to it lunatic. I love when you whine, asswipe. It pleases me!
AreWelcomePieceOfShit said Listen to me carfully piece of shit, we are going…
zero juan said Please use your own ID Davy, and stop using mine….
YouDeserveItRetard said Tu veux jouer mon tabarnac, OK on va jouer ensembl…
so i opened the door cant get in that way my body wont fit through the door only your hand get that girl out of that house she simple has to get out said supertards please change ur undies after 5 days pl..
Davy said Everyone in the world knows your not famous Famous…
FamousDrScanlon said This is the only thing. This is everything. This i…
YouFuckingDeserveIt on Mon, 23rd Nov 2020 5:47 pm
OK fucker, prepare to die because I am ready to die. Are you ready to die
zero davy on Mon, 23rd Nov 2020 5:51 pm
DaVvee, fuck, we are going to disrespect you every way we can, dumbfucks. Get used to it lunatic. We love when you whine, asswipe. It pleases us!
LOFAO @ LUNATIC!!!
AreWelcomePieceOfShit said Listen to me carfully piece of shit, we are going…
zero juan said Please use your own ID Davy, and stop using mine….
YouDeserveItRetard said Tu veux jouer mon tabarnac, OK on va jouer ensembl…
so i opened the door cant get in that way my body wont fit through the door only your hand get that girl out of that house she simple has to get out said supertards please change ur undies after 5 days pl..
Davy said Everyone in the world knows your not famous Famous…
FamousDrScanlon said This is the only thing. This is everything. This i…
zero juan on Mon, 23rd Nov 2020 5:53 pm
Ppeee fuck, it is delicious when you get triggered or when you whine. I will be here everyday waiting on you, the trolling asswipe!
zero davy said DaVvee, fuck, we are going to disrespect you every…
YouFuckingDeserveIt said OK fucker, prepare to die because I am ready to di…
zero davy on Mon, 23rd Nov 2020 5:58 pm
DaVvee fuck, it is delicious when you get triggered or when you whine. We will be here everyday waiting on you, the trolling asswipe!
zero davy said DaVvee, fuck, we are going to disrespect you every…
YouFuckingDeserveIt said OK fucker, prepare to die because I am ready to di…
Nothingness on Mon, 23rd Nov 2020 6:00 pm
People need to understand that there are limits to growth on our fragile Earth.
REAL Green on Mon, 23rd Nov 2020 6:03 pm
Were worried when Biden takes over he’s gonna turn grampas farm into a monestary for migrant farm workers.
FuckWomenAndSoyBoy on Tue, 24th Nov 2020 9:16 am
I present to you the Canada vaginas show. A bunch of stinky ugly cunt and beta cuck soy boy with feminine body, body language and manner. Enjoy dying together, I am not coming to save your ass, fucking fucktard. Big talks about inclusion, diversity and women rights. Fuck all that shit.
Conservative MPs discuss concerns about medical-assistance-in-dying bill – November 24, 2020
https://www.youtube.com/watch?v=61waseBuxkI
Duncan Idaho on Tue, 24th Nov 2020 9:35 am
IMAGINE A NON-GRIFTER IN TREASURY!
AP source: Biden taps ex-Fed chair Yellen to lead treasury
Duncan Idaho on Tue, 24th Nov 2020 9:46 am
“If you can convince the lowest white man he’s better than the best colored man, he won’t notice you’re picking his pocket. Hell, give him somebody to look down on, and he’ll empty his pockets for you.”
—LBJ to Bill Moyers, then on Johnson’s staff, 1960
Duncan Idaho on Tue, 24th Nov 2020 11:08 am
As Feinstein Steps Down as Top Judiciary Democrat, Sunrise Movement Demands She Go One Step Further: ‘Resign’
Could not agree more– get rid of her!
https://www.commondreams.org/news/2020/11/24/feinstein-steps-down-top-judiciary-democrat-sunrise-movement-demands-she-go-one-step
Abraham van Helsing on Tue, 24th Nov 2020 11:14 am
I present to you the Canada vaginas show. A bunch of stinky ugly cunt and beta cuck soy boy with feminine body, body language and manner. Enjoy dying together, I am not coming to save your ass, fucking fucktard. Big talks about inclusion, diversity and women rights. Fuck all that shit.
Conservative MPs discuss concerns about medical-assistance-in-dying bill – November 24, 2020
https://www.youtube.com/watch?v=61waseBuxkI
I thought it was all Klaus Schwab’s fault?
GoFuckYourself on Tue, 24th Nov 2020 11:32 am
This is Canada for you. One White man the rest are all brown shit diversity. And somehow as a Whites man I should identify myself with that. No fucking way. You love you diversity shit fest, live with it fuckers, not my problems.
https://www.youtube.com/watch?v=3v9_9IVEKfM