China’s crude imports ticked higher October at 10.7mn bpd, 200,000 bpd higher than September.

• China’s onshore crude stocks started to accumulate in the second half of October – following two consecutive months of declines averaging 800kbd since late August.
• Stocks have built on falling China runs – especially teapots in Shandong.
• China crude stockpiles increased by 2mb over the two-week period, reaching 958mb as of Nov 2.
• Vortexa calculates a decrease in China runs of about 1mn bpd – equivalent to 6-7% across both state and independent refiners.
• See chart for China total onshore inventories and Shandong inventories.

Source: Vortexa