{"id":20234,"date":"2016-04-25T14:33:13","date_gmt":"2016-04-25T19:33:13","guid":{"rendered":"http:\/\/olduvai.ca\/?p=20234"},"modified":"2016-04-25T14:33:13","modified_gmt":"2016-04-25T19:33:13","slug":"china-is-hoarding-crude-at-the-fastest-pace-on-record","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=20234","title":{"rendered":"“China Is Hoarding Crude At The Fastest Pace On Record”"},"content":{"rendered":"

“China Is Hoarding Crude At The Fastest Pace On Record”<\/a><\/h3>\n
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We now know where\u00a0most of it\u00a0<\/em>went: soaring imports of crude oil.<\/p>\n

We know this because as the chart below shows,\u00a0Chinese crude imports via Qingdao port in Shandong province surged to record 9.86 million metric tons last month\u00a0<\/strong>based on data from General Administration of Customs.<\/p>\n

<\/a><\/p>\n

As Energy Aspects pointed out in a report last week, “Imports through Qingdao surged to another record as teapot utilization picked up, leading to rising congestion at the Shandong ports<\/strong>.”<\/p>\n

And sure enough, this kind of record surge in imports should promptly lead to another tanker “parking lot” by China’s most important port. This is precisely what happened when according to reports, some 21 crude oil tankers with ~33.6 million bbls of capacity signaled from around Qingdao last Monday, according to data compiled by Bloomberg. 12 of those vessels, with about 18 million bbls, were also there 10 days earlier, data show.<\/p>\n

As Bloomberg adds, port management had met to discuss measures to ease congestion, citing an official at Qingdao port\u2019s general office, however for now it appears to not be doing a great job. Incidentally, putting Qingdao oil traffic in context, last year the port handled 69.9 million metric tons overseas oil shipments, or ~21% of nation\u2019s total crude imports, more than any other Chinese port.<\/p>\n

So what caused this surge in demand? The answer is China’s “teapot” refineries.<\/p>\n

According to Oilchem.net, the operating rate at small refineries in eastern Shandong province rose to 51.84% of capacity as of the week ended Apr. 22. The utilization rates climbed as various teapot refiners completed maintenance and restarted production.<\/p>\n

In the aftermath of China’s gargantuan, record new loan injection in Q1, which saw a\u00a0whopping $1 trillion\u00a0<\/a>in new bank and shadow loans created in the first three months of the year, many were wondering where much of this newly created cash was ending up.<\/div>\n

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…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

“China Is Hoarding Crude At The Fastest Pace On Record” We now know where\u00a0most of it\u00a0went: soaring imports of crude oil. We know this because as the chart below shows,\u00a0Chinese crude imports via Qingdao port in Shandong province surged to record 9.86 million metric tons last month\u00a0based on data from General Administration of Customs. As […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[90,130,4333,184,441,522,600,701,4318],"class_list":["post-20234","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-brazil","tag-china","tag-crude","tag-crude-oil","tag-iran","tag-middle-east","tag-opec","tag-saudi-arabia","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20234"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20234\/revisions"}],"predecessor-version":[{"id":20235,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20234\/revisions\/20235"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}