China's commercial crude oil inventories at the end of April 2015 gained 0.48 percent from a month earlier, while its product oil stocks decreased 1.8 percent month-on-month, according to the monthly data product China Petroleum Stockpile Statistics (CPSS) released on Tuesday.
The commercial crude oil inventory data excludes the stockholdings of the national Strategic Petroleum Reserves (SPR). In a breakdown, the stocks of diesel and jet fuel dropped 4.4 percent and 3.47 percent, respectively, while gasoline stocks expanded 3.37 percent month on month. China registered 29.85 million tonnes of net crude oil imports in April in comparison of 26.06 million tonnes of net crude oil imports in March. Domestic crude oil output declined to 17.5 million tonnes in April from 18.06 million tonnes in March.
Meanwhile, national crude oil throughput decreased to 43.13 million tonnes in April from 44.69 million tonnes in March. China continued to have sufficient product oil supply in April though monthly output of gasoline, diesel and kerosene dipped on less crude throughput in the month. Amid lukewarm economic recovery, growth rates of gasoline, diesel and kerosene demand were lower than that in previous years in particular with growth rate of diesel demand. Gasoline stocks increased amid consecutive twice hikes of benchmark product oil prices and tepid market demand for gasoline.
Diesel demand in the end market witnessed some recovery on full-scale spring cultivation and increasing operation rates with industrial, mining and construction enterprises in April. Though diesel stock decreased by the end of April, the month-on-month drop is less than that in previous years. Meanwhile, jet fuel stocks dropped on higher demand during national holidays.
The CPSS statistics, which are released in the middle or latter part of each month through the Xinhua08 platform, serve as a reference indicator able to mirror 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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