UPDATE 1-China's end-Nov crude stocks down 1 pct on mth -Xinhua

Thu Dec 20, 2012 10:23pm EST

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BEIJING, Dec 21 (Reuters) - China's commercial crude inventories were down 1 percent by the end of November, official news agency Xinhua said on Friday, in the second monthly draw after refiners raised throughput to a new high to meet a modest recovery in fuel demand.

Refined fuel stocks gained 4.1 percent over the month, led by gasoline, which grew nearly 7 percent, kerosene at 3.4 percent and diesel 1.9 percent, the newsletter China OGP said.

Xinhua does not provide outright inventory volumes, and the government rarely discloses either commercial or strategic oil stocks levels, making it difficult to gauge real demand in the world's second-largest oil importer.

Based on earlier figures from Xinhua, the percentage changes show gasoline stocks were about 6.92 million tonnes by the end of November, with diesel around 7.92 million tonnes, equivalent to roughly 30 days' and 17 days' consumption, respectively.

China's implied oil demand rose at its fastest pace in two years to hit a record high in November after refiners raised production to replenish stocks.

Refiners processed a record 10.13 million barrels per day in November, as they started new refining facilities amid signs that the world's second-largest economy was picking up. (Reporting by Chen Aizhu; Editing by Clarence Fernandez)

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