China end-February commercial fuel stocks at four-year high

An oil tanker is pictured at a port in Yangzhou, Jiangsu Province, China, March 1, 2016. REUTERS/Stringer

BEIJING (Reuters) - China’s refined fuel stocks at the end of February rose 17.3 percent from the previous month to their highest level in four years, while commercial crude oil stocks were up 1.1 percent, the official Xinhua News Agency reported on Monday.

Diesel led the rise with a 38.3-percent increase, to hit its highest level since April 2012, due to reduced industrial and logistics activity over the Lunar New Year period, according to a Xinhua oil and gas newsletter.

Gasoline recorded a 7.2 percent drop on busy transportation amid the weeklong holiday, according to the China Oil, Gas & Petrochemicals (OGP) newsletter.

Kerosene, used mostly as aviation fuel, rose 7.5 percent to its highest level since at least the beginning of 2010.

The combined stocks of the three fuels reached their highest level since February 2012.

National refinery crude throughput in January-February rose 4.6 percent year over year to 10.59 million barrels per day. [O/CNREFINE]

Reporting by Adam Rose; Editing by Savio D’Souza