China’s crude imports slumped 14.6% on the year to a five-month low of 9.69 million b/d in May amid destocking activities, showed preliminary data released June 7 by the General Administration of Customs, or GAC. Not registered? The inflow was 1.8% lower than 9.86 million b/d imported in April. GAC releases data in metric tons, which S&P Global Platts converts to barrels using a 7.33 conversion factor. On a metric ton basis, the May imports rose 1.5% on the month at 40.97 million mt. The May imports were within market expectations amid destocking activities, as the country’s state-owned refineries’ throughput registered a month-on-month increase. “With higher crude price, it is a good time to destock to lift margins instead of keep purchasing heavily,” a Hong Kong-based analyst said. ICE Brent crude has been hovering over $70/b so […]