Fuel stocks expand as usage dips
By Richard Fu |
July 20, 2011, Wednesday
|
Print Edition
Print Edition
CHINA'S fuel inventories grew due to a slower consumption in the second quarter of this year, the National Development and Reform Commission said yesterday.
The country's refined oil product stockpiles were 1 million tons higher from a year ago at the end of June but the NDRC said the level was normal.
Apparent refined fuel consumption rose 7.2 percent in the first half of this year to 118.4 million tons, the NDRC, the country's top economic planner, said.
In the first quarter, fuel demand jumped 9.3 percent to 57.9 million tons because of a drought and robust farming demand.
Apparent demand takes into account domestic production and net imports but excludes stockpiles.
The country's average daily fuel consumption peaked in March at 701,000 tons. But demand started to fall from mid-April and averaged 665,000 tons per day in the second quarter, according to the NDRC.
"At present fuel supplies are basically stable and inventories are at normal levels," the NDRC said.
In a separate statement, the NDRC said China's apparent natural gas consumption gained 21 percent to 63.1 billion cubic meters in the first six months of the year.
The country doubled gas imports to 14.1 billion cubic meters in the first half, the NDRC said, to meet rapidly rising demand from households, power generators and fertilizer producers.
The country's refined oil product stockpiles were 1 million tons higher from a year ago at the end of June but the NDRC said the level was normal.
Apparent refined fuel consumption rose 7.2 percent in the first half of this year to 118.4 million tons, the NDRC, the country's top economic planner, said.
In the first quarter, fuel demand jumped 9.3 percent to 57.9 million tons because of a drought and robust farming demand.
Apparent demand takes into account domestic production and net imports but excludes stockpiles.
The country's average daily fuel consumption peaked in March at 701,000 tons. But demand started to fall from mid-April and averaged 665,000 tons per day in the second quarter, according to the NDRC.
"At present fuel supplies are basically stable and inventories are at normal levels," the NDRC said.
In a separate statement, the NDRC said China's apparent natural gas consumption gained 21 percent to 63.1 billion cubic meters in the first six months of the year.
The country doubled gas imports to 14.1 billion cubic meters in the first half, the NDRC said, to meet rapidly rising demand from households, power generators and fertilizer producers.
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