COLUMN-中国 draws again on 天然のまま oil 在庫s, にもかかわらず 精油所 減産／沈滞: Russell
By Clyde Russell
LAUNCESTON, Australia, Aug 17 (Reuters) - 中国 drew on 天然のまま oil 在庫s in July, 場内取引員／株価 the fourth 連続した month it has 過程d more 天然のまま that what was 利用できる from 国内の 生産（高） and 輸入するs.
The call on 在庫s was smaller in July than in the previous two months, but this was more a reflection of weak 精油所 過程ing 率s rather than any underlying 上げる to 需要・要求する.
中国, the world's biggest oil importer, appears to have taken about 223,700 バーレル／樽s per day (bpd) from reserves in July, によれば 計算／見積りs based on 公式の／役人 data.
The country doesn't 公表する／暴露する the 容積／容量s of 天然のまま flowing into 戦略の and 商業の 備蓄（する）s. But an 見積（る） can be made by deducting the total 量 of 天然のまま 利用できる from 輸入するs and 国内の 生産（高） from the 量 of 天然のまま 過程d.
精油業者s 過程d 59.06 million tonnes in July, a 14-month low and 負かす／撃墜する from a 記録，記録的な／記録する 60.82 million in June, によれば data 解放（する）d on Monday by the 国家の Bureau of 統計（学）.
国内の 生産（高） was 16.87 million tonnes, while 輸入するs were 41.24 million, giving a total 58.11 million tonnes of 天然のまま 利用できる to 精油業者s.
Subtracting the 天然のまま 利用できる from the 過程ing 容積／容量 leaves a 赤字 of 950,000 tonnes, which is 同等（の） to about 223,700 bpd, using 基準 転換 factors.
The small draw in 備蓄（する）s in July followed larger calls on 在庫s of around 980,000 bpd in June, 589,000 bpd in May and 280,000 bpd in April.
中国 has in 最近の years been 速く building up its 戦略の 石油 reserve (SPR) and 商業の 備蓄（する）s have also grown as new 精油所s come online and have to build up working 在庫s.
However, 精油業者s started to draw on 備蓄（する）s in October last year, and have called on 在庫s in six of the last 10 months.
中国 snapped up large 容積／容量s of 天然のまま when prices 急落（する），激減（する）d to two-１０年間 lows during the coronaviru s pandemic, which 同時に起こる／一致するd with a 簡潔な／要約する price war between 最高の，を越す 輸出業者s Saudi Arabia and Russia in March last year.
中国 輸入するd so much 天然のまま in the middle part of last year that it resulted in long 大型船 列s outside ports, and it struggled to offload the 貨物s.
CRUDE RALLY
精油業者s appear to have taken the 見解（をとる） that 天然のまま oil prices have risen too far too 急速な／放蕩な as the 生産（高） 制限s by the 石油輸出国機構+ group of 輸出業者s saw （判断の）基準 Brent 未来s 殺到する some 387% from the pandemic and price war low in April last year to a 2021 high of $77.84 a バーレル／樽 on July 6.
Since then 天然のまま prices have 傾向d lower, with Brent ending at $69.51 a バーレル／樽 on Monday as the market starts to 退却／保養地 from its bullish 見解（をとる） まっただ中に the reality of weak 需要・要求する in 中国, and much of the 残り／休憩（する） of Asia as the 最高の，を越す-輸入するing 地域 continues to 戦う／戦い the coronavirus pandemic.
It's not just high prices that are 影響する／感情ing 中国's 天然のまま oil 輸入するs and 精油所 throughput.
過程ing 率s at smaller, 独立した・無所属 精油業者s were lower in July as they 直面するd 強化するing 割当s and 増加するd 税金s on what is known as bitumen blend, which had been a popular feedstock for some 独立した・無所属 精油業者s.
The 増加するd 公式の／役人 scrutiny of 輸入するs and a 新たにするd coronavirus 突発／発生 in 中国 may serve to keep 天然のまま 輸入するs and 精油所 過程ing muted in August.
However, cheaper 天然のまま prices and the 出現 of 割引s on physical 貨物s may be enough to tempt some major 精油業者s to 購入（する） more 貨物s, although whether they will 再開する 備蓄（する） builds remains an open question.
(Editing by Michael Perry)
