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China boosted crude inventories in July as Hormuz disruption lingered

Estimates based on available Chinese data point to about 200,000 bpd added to storage in July, after imports hit a decade-low in June and refinery runs stayed depressed.

Reported · Written up by our desk · Energy

China appears to have increased crude oil storage in July, adding an estimated 200,000 barrels per day to its inventories as imports rebounded from a decade-low in June, according to OilPrice, citing calculations based on officially available Chinese data.

OilPrice said China initially slowed drawdowns only in May, the third month of the Middle East crisis, after building up an estimated 1.4 billion barrels across commercial and strategic stocks at the start of the Iran war.

Analysts are using estimates of total crude availability, which combines domestic production and imports, along with refinery processing rates, to gauge how much crude is being added to reserves versus converted into fuels.

OilPrice reported that the latest estimates show China’s stockpile has largely remained intact at about 1.2 billion barrels, five months after the Strait of Hormuz disruptions began, with crude availability estimated at 210,000 bpd for storage in July.

Latest closeWTI crude $82.40 ▲1.4%

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