China’s oil product inventory up 5.3% in November

Combined stocks of gasoline, diesel fuel and kerosene held by China’s top two oil companies rose by 5.3% in November from October as domestic sales dropped 2.6%, an industry official with knowledge of the data told Reuters. The rise in refined fuel inventories held by PetroChina and Sinopec, the first stock build after three consecutive months of declines, came as global crude prices slid by about US$10 a barrel over the course of November to hover a little above US$70 a barrel recently. Gasoline sales declined 4.8% in November to about 5.3 million tons, while diesel fuel sales slid 2.7% to 11.7 million tons, the source said. (December 10, 2009)