CHINA DATA: Chinese crude stocks fall by 0.7 million bpd in Q2: Quantum

Quantum Commodity Intelligence – Crude oil stocks in China likely fell by 0.62 million barrels per day (bpd) over the second quarter of the year, according to Quantum calculations, as refinery throughput outstripped production and imports in each of the three months.

Throughput exceeded imports and production combined by a chunky 0.98 million bpd in June alone, according to figures compiled by Quantum using government statistics from the National Bureau of Statistics and Chinese customs.

That figure comes as consumption exceeded supply by 0.6 million bpd in May and 0.27 million bpd in April, the calculations show.

That likely means a drawdown in stocks of 56.1 million barrels, or 7.68 million mt.

China does not publish official stocks data.

The likely drawdown comes after stocks swelled in the first quarter of the year as independent refiners rushed to use up government import quotas that rose sharply on the year.

Quarter one stocks likely built by 1.2 million bpd, or nearly 105 million barrels, with 50.8 million barrels added just in March.