April 26, 2018 / 7:52 AM / in 6 months

UPDATE 1-China end-March crude oil stocks down 2.4 pct on-month

    * Diesel inventory fell 5.2 pct in March -data 
    * Gasoline stocks rose 6.8 pct in March
    * May help ease fears that record run rates could stoke fuel
glut

 (Adds comment, detail)
    BEIJING, April 26 (Reuters) - China's refined oil product
inventory dropped in March from a month before, easing worries
that record processing rates could stoke a fuel glut in the
world's largest energy consumer. 
    Fuel stocks in March fell 0.55 percent from February to
21.44 million tonnes, led by a hefty drop in diesel inventory,
data provided by the official Xinhua News Agency showed on
Thursday. 
    However, gasoline inventory rose 6.8 percent from February
to 8.64 million tonnes. 
    Crude oil inventory fell to 27.11 million tonnes in March
from 27.77 million tonnes a month previously.
    "Demand for diesel was firm, while gasoline demand showed
weakness in the month," Xinhua said.
    Chinese refineries processed a record of more than 12.1
million barrels per day (bpd) of crude oil in March, boosted by
ample government import quotas and steady margins.              
    China's March gasoline and diesel exports, another barometer
of oversupply in the market, also hit records in March.
            
    Xinhua did not provide outright inventory volumes. The
government rarely discloses levels of either commercial or
strategic oil stocks, making it difficult to gauge real demand
in the world's second-largest oil consumer.
    For a breakdown of the inventory data, go to: 0#CNOILSTOCK
    For stories on China's oil inventory, go to: O/CNSTOCKS
    

 (Reporting by Meng Meng and Josephine Mason
Editing by Joseph Radford)
  
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