China’s stockpiles of crude for commercial use rose in June for a fourth month to the highest level in at least 30 months, and oil-product inventories declined, according to the official Xinhua News agency.
Supplies of crude, excluding emergency reserves, climbed 4.8 percent at the end of June from a month earlier, Xinhua’s China Oil, Gas & Petrochemicals newsletter showed today. That puts inventories 1.43 million higher in the month at 31.31 million metric tons, the most since January 2010, when Bloomberg started compiling the data. The newsletter stopped reporting volumes in July 2010 and now reports on the percentage changes.
China raised its crude reserves as the European Union put sanctions on Iranian oil exports starting July 1 and Brent crude prices slid in May and June. The nation’s crude surplus supplies in June, or net imports and domestic production minus the amount processed, were 2.13 million tons, according to Bloomberg calculations based on government data.
Gasoline inventory fell 7 percent, and diesel dropped 8.8 percent last month, according to the newsletter. China’s daily crude refining declined to the lowest level in eight months in June, government data showed July 13.
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