Jing Yang News
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China’s commercial crude stockpiles rose in April to the highest level in three months and diesel supplies dropped after the nation curbed refining.
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China’s crude imports from Iran fell 4.3 percent in April from a year earlier to 1.53 million metric tons, according to data released today by the General Administration of Customs. Imports in March were 1.73 million tons.
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China’s diesel imports rose 45 percent from a year earlier to 50,925 metric tons in April, the General Administration of Customs said in an e-mailed statement today. Exports of the fuel increased by more than three times to 339,938 tons and overseas shipments of gasoline climbed 237 percent to 468,579 tons.
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China’s proposed ban on lower-quality coal imports is likely to boost domestic benchmark prices by as much as 8 percent as supplies drop, according to Fenwei Energy Consulting Corp.
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China will probably commission additional storage sites for its strategic petroleum reserve this year, boosting crude demand even as construction work on the program takes longer than expected, according to the International Energy Agency.
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China’s crude processing fell to the lowest level in eight months in April as refineries shut units for maintenance and industrial production expanded at a slower pace than forecast. Electricity output increased.
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China, the world’s second-biggest oil consumer, will cut gasoline and diesel prices in the first adjustment under new controls after crude declined.
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Power-station coal at China’s biggest shipping port for the fuel fell to the lowest price in more than three years. Stockpiles dropped to a five-month low as a railway for delivering the fuel conducts maintenance.
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China’s diesel exports rose to the highest level in almost three years in March and gasoline shipments climbed to a one-year high amid the nation’s weakest domestic oil demand in five months.
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Liquefied natural gas is poised for a boost this year after slumping to the lowest level in four months as China increases the appeal of imports by raising the price of domestic supplies.
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