China's crude oil inventories rose by 3.4% from the end of August

According to China Voices "Yangguang News," the data shows that China's crude oil inventories rose by 3.4% from the end of August. Correspondingly, refined oil stocks fell by 5.4% from the previous quarter. Details below we connected to CCTV reporter Feng Ya:

Moderator: The market believes that the reasons for the rise in crude oil inventories may be?

Reporter: According to industry analysts, in August, due to the gradual increase in the output of some new oil fields, the domestic production of crude oil in China hit a new high in recent years, reaching 17.43 million tons, an increase of 210,000 tons over July; in addition, the net import of crude oil increased by 1.82 million over July. Tonnage reached 20.65 million tons. Correspondingly, in terms of crude oil processing, due to the overhaul of some refineries and the intention of the main unit to reduce refined oil inventories, the processing volume of crude oil declined slightly, being 34.73 million tons in August, which was lower than that in July. 550,000 tons. Combining the above factors, crude oil inventories continue to rise.

Moderator: What are the reasons for the decline in refined oil inventory?

Reporter: The "finished oil" we are talking about here includes gasoline, diesel and kerosene. At the end of August, gasoline inventories fell 2.7% month-on-month; diesel stocks fell 7.3% month-on-month; kerosene stocks fell 6% sequentially. Although the high temperature in North China eased in August, the high temperatures in the south remained the same. Summer tourism and Shanghai World Expo tourism continued to support the growth of gasoline and kerosene consumption. At the same time, the end of fishing in the South China Sea and the East China Sea, preparation of mid-season harvesting in the southern region, and fishing for crabs in parts of the lake area have all created a concentrated demand for diesel fuel.