China's end October fuel inventory falls to 12-month low; crude stocks drop

BEIJING: China's October fuel inventory fell almost 2 percent from the previous month to 15.83 million tonnes, the lowest level since October 2015, while crude oil stocks declined 1.9 percent to 30.36 million tonnes, data from the official Xinhua news agency showed on Monday.

Kerosene led the decline with a drop of 5.7 percent to 1.99 million tonnes, Reuters calculation based on historical figures showed. Diesel supplies fell 2.88 percent to 6.19 million tonnes, the lowest since at least January 2010.

"Tight diesel supply in partial areas resulting from upgrading of products' oil quality drove down diesel stocks," said China OGP, a Xinhua-run newsletter.

Gasoline supplies inched up 0.14 percent to 7.88 million tonnes.

Crude oil stocks fell as refinery throughput in October rose 5.5 percent from a year earlier to 47.05 million tonnes, or 11.08 million bpd, the highest since at least January 2011, as units came back from a heavy maintenance season that lasted from July to September.

Xinhua did not provide the outright inventory volumes.

The government rarely discloses levels of either commercial or strategic oil stocks, making it difficult to gauge real demand in the world's second-largest oil consumer.