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China may continue to increase crude oil imports

China may continue to increase crude oil imports

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
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China may continue to increase crude oil imports

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information

Although nearly 50% after the international oil prices rebounded, but given the current is still low, China seems to be accelerating, according to the oil.

According to bloomberg data detected, in the past 16 months, number of super tanker sailing to China have never been so high. It also directly has fuelled speculation that the outside world, China could continue to increase crude oil imports.

Local time on April 25, bloomberg tracks, according to the operation condition of the ship that by the end of 22, when the ocean 83 supertankers bound for China, this is the highest level since December 2014. Assuming each tanker carrying weight in accordance with the standards, these about 166 million barrels of crude oil tanker carrying quantity.

Although has experienced the recent rally, international oil prices than the 2014 peak has fallen to 60%, is still at the low end, closed, as of 22 June delivery WTI futures prices closed at $43.73 a barrel. June delivery of brent crude oil futures closed at $45.11 a barrel. Bloomberg think China is hoarding crude oil at the fastest pace in ten years.

China's general administration of customs data show that China in the first quarter of the total import crude oil 91.1 million tons, up 13.4% from a year earlier. Among them, the imported 32.61 million tonnes in March, hit a record high 2, 7.7 million barrels a day, rose 21.6% year-on-year. Bloomberg's statistics show that in the first quarter of this year China Daily average 787000 barrels of crude oil imports to increase, is a bloomberg records began in 2004, the highest amount, bloomberg points out at the same time, China in March, the addition of crude oil from Iran, venezuela and Brazil.

"We see China in recent months, the sources of oil purchased range is very wide, more from Latin America and Europe." London Energy Aspects consulting analyst Richard Mallinson told bloomberg. For this round of China's crude imports surged, Mallinson thinks, may be a private Chinese refinery demand, increased the crude oil imports, in order to prepare for the end of the regular shutdown overhaul period.

International oil prices recently has rebounded, but at Goldman seems still down cycle, because a new commodity rally has been can't find the fundamentals.

Goldman sachs commodity team 22, according to the latest report, although the recent commodities have the potential to continue, can continue to rise but not because the fundamentals appeared to change. Now popular with the signs of recovery and adjustment of commodity rating to "overweight", are premature.

Goldman sachs is expected, the crude oil market fundamentals will not sustainable change in the third quarter of this year, therefore constitutes a short-term downside risk, but Goldman for its rating from "underweight" to "neutral".

"Oil and steel rebound far less strong. In the short term, has seen the changes on the supply side. But given the recent and current state of rebalancing, and failed to see the market demand is growing continuously, so shoulds not be too early to embrace these new changes." Goldman sachs analysts said in a report.

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