Chinese commercial crude stocks up 5.2 percent in February: OGP

Chinese oil companies built up 1.4 million tonnes (10.2 million barrels) of crude oil stocks in February as they imported the second-highest level of crude to prepare for an expected rise in domestic demand. China's commercial crude oil inventory stood at 28.2 million tonnes (206 million barrels) at the end of February, 5.2 percent more than January and equivalent to about 49 days of net imports, Xinhua-run newsletter China OGP said on Monday.
According to OGP data, total commercial and state strategic crude reserves peaked in August last year at 39 million tonnes (285 million barrels). Assuming that aside from the first phase of 102 million barrels of state crude reserves, China has yet to fill crude tanks in its second phase, most of which is still under construction, China has accumulated 23 million barrels of commercial crude stocks over the past half year.
China has been importing huge quantities of crude in recent months, with a record high in December of 5 million bpd and February's 4.8 million bpd the second highest. The report also said the country's stockpiles of oil products, including gasoline, diesel and kerosene, hit 19.68 million tonnes at the end of February, up 1.90 million tonnes or 10.7 percent from January.
The gasoline inventory reached 6.38 million tonnes, down 3.8 percent over the previous month, while diesel and kerosene inventories were 11.53 million tonnes and 1.77 million tonnes, up 21 percent and 9.3 percent month on month respectively. The data are in line with Reuters reports early this month based on figures from the China Petroleum and Chemical Industry Association (CPCIA).
None of China's government departments publishes official oil stock data. Xinhua said in January that it would start releasing national commercial crude and fuel stockpile data in the middle or toward the end of each month. The official news agency said it would use statistics based on data it collected nation-wide. The other chief source of information on commercial fuel stocks is the CPCIA, which covers only the top two oil companies dominating the Chinese market.