24 Jun 2010 08:03

China's crude oil inventory declines 0.9 pct month-on-month in May

Shanghai. June 24. INTERFAX-CHINA - China's crude oil inventory decreased by 0.9 percent month-on-month in May, according to statistics released by state-run Xinhua news agency on June 24.

According to the statistics, the country's crude oil inventory, excluding the national strategic reserve, stood at 27.5 million tons at the end of May.

Meanwhile, the country's fuel inventory was 0.4 percent higher month-on-month at 17.6 million tons.

Among fuel products, the gasoline inventory jumped 2.4 percent to 6.45 million tons, diesel inventory decreased by 1.6 percent to 9.43 million tons, while kerosene inventory increased by 4.2 percent to 1.72 million tons as of the end of the month.

Wang Qingjin, an oil analyst with Pec365, told Interfax that the slight decrease was due to lower operating rates from private refineries, which anticipated a decrease in domestic fuel prices during the period.

On June 1, China lowered the benchmark retail prices of gasoline and diesel by RMB 230 ($33.82) and RMB 220 ($32.35) per ton, respectively.