Crude imports jump 30.9 from last year to 12.43 million bpd
Natural gas imports up 22.7 from last year
Refined fuel exports rise monthonmonth

BEIJING, Sept 7 Reuters China39;s crude oil imports surged in August, customs data showed on Thursday, as refiners built inventories and increased processing to benefit from higher profits from exporting fuel.

Shipments last month to the world39;s biggest oil importer were 52.8 million metric tons, or 12.43 million barrels per day bpd, the data from the General Administration of Customs showed. The daily rate is the thirdhighest ever, according to Reuters calculations.

Imports climbed by 20.9 from July and were up 30.9 from a year earlier, the data showed. For the first eight months of the year, imports rose by 14.7 from the same period a year earlier to 379 million tons.

China39;s imports have increased from last year since domestic fuel demand is no longer being suppressed by widespread curbs to tackle the COVID19 pandemic.

Refinery run rates are continually increasing, said Xu Peng, a refined products analyst at Chinabased commodities consultancy JLC, adding that diesel exports margins are good and higher diesel exports will continue.

Xu also pointed to higher domestic demand. August is the peak season for gasoline demand during the summer vacation, and because this is the first vacation period after the pandemic, travel demand is particularly high, she said.

However, the broader outlook for China39;s economy remains…