Prices at the Pumps - April 17, 2024 #saltwire #energymarkets #pricesatthepumps #gaspricesLAUNCESTON, Australia - China increased the pace at which it added crude to inventories in March as the world's biggest oil importer snapped up record imports from Western-sanctioned Russia.
China doesn't disclose the volumes of crude flowing into or out of strategic and commercial stockpiles, but an estimate can be made by deducting the amount of crude processed from the total of crude available from imports and domestic output. For the first quarter, the total crude available was 15.31 million bpd, while refinery throughput was 14.64 million bpd, leaving a surplus of 670,000 bpd.
Benchmark Brent futures dropped to $72.29 a barrel on Dec. 13, the lowest since June, having been on a downward trend since the 2023 peak of $97.06, reached on Sept. 27. The question for the market is whether China's economy is on the road to recovery, and therefore oil demand will improve in coming quarters.
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