China's crude stocks continued to grow for the fifth straight month in October, despite a month-on-month drop in net imports, output and slight rise in throughput, Platts calculations based on recently released official data showed.
Crude stocks rose at a rate of 45,000 b/d in October, lower than the 784,000 b/d seen in September.
China does not release official data on stocks. Platts calculates China's net crude stock draw or build by subtracting refinery throughput from the country's crude oil supply.
The latter takes into account net crude oil imports and domestic crude production.
Over the first ten months of this year, the country's crude stocks grew at 1.17 million b/d, up 57.8% on year.
Crude inflows to the storages have been rising and there is "unlikely to be more space [for] additional arrivals," said James Lu, senior analyst from Platts China Oil Analytics said.
Three VLCCs carrying crude cargoes bought by China's state-owned trader SinoChem was still waiting to discharge at Qingdao Port due to lack of space at its storage facility.
The VLCCs arrived on August 21, September 4 and October 19.
Although both state-owned and independent companies are building more oil storages, space available remains limited, said sources.
