China: Oil Consumption Shows Signs Of Steadying lweb.es/f1424 9.19.2016
OEF REVIEW:After a long period of dwindling demand, China’s oil consumption showed first signs of stabilizing in June. Total apparent oil demand in the world’s second-largest oil consumer averaged 11.32 million barrels a day that month, up 4% from May. Beijing does not release official data on oil demand and stocks, but Platts, by adding refining output as reported by the National Bureau of Statistics, and net imports as reported by the customs department, apparent demand for gasoil of 3.39 million barrels a day in June was down 6.4% year-on-year but up from the 70-month low of 3.14 million barrels a day in May. Fuel oil demand in June dropped 31.6% year on year to 765,000 b/d, and was 10.9% lower from May levels, and apparent demand for gasoline in June recovered from May, with a 4.6% month-on-month rise to 2.81 million barrels a day, which was also 2.6% higher than the same month last year.