China crude imports down 18.8 mm, but up 17 yy
Refined fuel exports up 17.7 mm
Natural gas imports down slightly mm, but up 18.5 on last year

BEIJING, Aug 8 Reuters China39;s crude oil imports in July fell 18.8 from the previous month to the lowest daily rate since January, customs data showed on Tuesday, as major exporters cut back overseas shipments and domestic stocks continued to build.

Crude shipments into the world39;s biggest oil importer in July totalled 43.69 million metric tons, or 10.29 million barrels per day bpd, the data from the General Administration of Customs showed.

June39;s 12.67 million bpd of imports were the secondhighest on record.

Still, oil imports were 17 higher than the 8.79 million bpd brought in a year earlier, a period when China39;s economy was hammered by widespread COVID outbreaks and extensive lockdowns.

Crude imports for the first seven months of the year totalled 325.8 million metric tons, up 12.4 on the same period in 2022.

The monthonmonth decline was led by lower imports from the big3 crude exporters, namely the U.S., Saudi Arabia and Russia, which have cut exports amid reduced production targets andor higher domestic demand, said Emma Li, a China crude oil analyst at Vortexa in Singapore.

Li noted that China39;s onshore crude oil inventories were over 1.02 billion barrels at the end of July and the consistent rise in those stockpiles could allow Chinese refiners to slow their purchases in the coming months.

Despite the…