China’s September oil imports rise 3.9% year-on-year; WTI crude dips below $60

[Oil pumpjacks at sunset with financial charts overlay.]
peshkov

* The world's largest crude importer, China, saw its crude oil imports rise 3.9% in September from a year earlier as refineries operated at their highest utilization rates this year.
* China brought in 47.25 million metric tons of oil in September, data [https://seekingalpha.com/news/4503483-chinas-exports-surge-to-six-month-high-driving-september-trade-surplus-to-9045b]from the General Administration of Customs showed on Monday, or the equivalent of 11.5 million barrels per day.
* State-owned refineries’ utilization rose 3.55 percentage points on the year to 81.05% of
* China’s refinery utilization rates in September climbed to the year's highest, with relatively high levels of daily gasoline and diesel output, though supply continued to outpace demand, Chinese consulting firm Oilchem said, according to a _Reuters _report.
* However, China's seaborne crude oil imports fell in September on the month to their lowest since January, with shipments from Iran hitting the lowest since January, according to Kpler's data.
* Brent (CO1:COM [https://seekingalpha.com/symbol/CO1:COM]) futures rose 1.4% to $63.58/bbl at the time of writing, while WTI crude (CL1:COM [https://seekingalpha.com/symbol/CL1:COM]) was up 1.5% at $59.79.

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