U.S. markets open in 12 minutes

Record Oil Imports Lead China Energy Recovery as Lockdowns Ease

Bloomberg News

(Bloomberg) -- Crude oil led a recovery in China’s energy imports, rising to a record and feeding a rebound in industrial and consumer activity as restrictions to stop coronavirus infections ease.

Imports rose to 47.97 million tons in May, or 11.3 million barrels a day, according to customs data Sunday.

Key Insights

Ship-tracking data show tanker arrivals last month rose to pre-virus levels, as cargoes bought during oil’s crash into the $20s began arriving. At least two dozen tankers on China’s east coast were awaiting to discharge earlier this month.The nation’s oil demand in May was almost back to levels seen before the coronavirus triggered widespread lockdowns.Energy demand in China has recovered as more businesses and schools reopen. A private gauge of the nation’s services sector activity rebounded in May, adding to evidence that an economic recovery is underway.

Get More

Coal shipments in May eased from the 27% year-on-year jump during the first four months, supporting speculation that Beijing has tightened import controls to support domestic prices, which fell to three-year low in early May.Inbound cargoes declined to 22.06 million tons last month, down 20% from a year agoNatural gas imports rose 3.7% from a year ago at 7.84 million tonsLNG shipments likely increased last month as buyers took advantage of cheaper spot prices, though deliveries by pipeline are expected to remain sluggish

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.