China's commercial crude oil inventories at the end of September 2015 gained 2.38 percent from a month earlier, while its product oil stocks dropped 7.46 percent month-on-month, according to the monthly data product China Petroleum Stockpile Statistics (CPSS) released on Friday. The commercial crude oil inventory data excludes the stockholdings of the national Strategic Petroleum Reserves (SPR). In a breakdown, the stocks of gasoline and kerosene grew 2.47 percent and 6.3 percent, respectively, while diesel stocks plunged 15.68 percent month on month.
China had 27.9 million tonnes of net crude oil imports in September, up from 26.37 million tonnes in August. Domestic crude oil output in September declined 2.36 percent month on month to 17.74 million tonnes. China's refineries processed 42.43 million tonnes of crude oil in September in comparison of 44.34 million tonnes of crude runs in August.
The output of gasoline, diesel and kerosene in September all saw month-on-month decrease due to lower crude oil throughput in the month. Though fast growth of passenger automobile sales in September supported gasoline consumption in end market, gasoline consumption was restrained by tepid macro economic situation and strong expectations on rebound of product oil prices.
Agricultural diesel consumption entered prime season in September and diesel demand saw obvious growth as fishing off season ended and autumn harvest season kicked off. Kerosene demand decreased in September as summer travels peaked in earlier time. The CPSS statistics, which are released in the middle or latter part of each month through the Xinhua08 platform, serve as a reference indicator mirroring changes in China's commercial petroleum stocks. The Xinhua08 platform is an internet-based financial information and trade service platform developed by Xinhua News Agency.
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