LAUNCESTON, Australia : China's imports of crude oil rebounded in October, but the details aren't as strong as the headline number suggests.
Rather, it was a combination of crude being imported to build operating inventories for two new refinery units, a lower price versus prior months, more import quotas for independent refiners and an ongoing boost to exports of refined fuels. This additional crude would likely have been secured over a period of months, but it still adds to China's incremental imports in recent months, but is also a factor that won't be ongoing.
Saudi Arabia, the world's biggest crude exporter and normally China's top supplier, also lowered its official selling price for October-loading cargoes, which may have encouraged refineries to buy more oil. The additional quotas are likely to boost imports over the fourth quarter as refiners boost purchases in order to fully utilise their allocations.
This was down from September's 1.5 million bpd and August's 1.23 million bpd, but it's worth noting that the past three months have been strongest since July last year.
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