Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

China hits 26% of 2020 target for U.S. energy imports under trade deal

CommoditiesNov 26, 2020 04:15AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Chinese and U.S. flags are set up for a signing ceremony during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing,

BEIJING (Reuters) - China has accelerated imports of crude oil, propane and liquefied natural gas (LNG) from the United States since July, but total energy product purchases through October remain far short of targets for 2020 set out in the Phase 1 trade deal with Washington.

Over the first 10 months of 2020, China's purchases of U.S. crude oil, LNG, propane, butane and other energy products totalled $6.61 billion, about 26% of the $25.3 billion target, according to Reuters calculations based on Chinese customs data.

While the gap to the target is unlikely to be bridged by year-end, U.S. and Chinese trade officials reaffirmed their commitment to the deal in August, and China's imports of U.S. energy products have increased sharply the second half of the year.

The $6.61 billion accrued through October marks a five-fold jump from the $1.29 billion amassed by end-June.

(GRAPHIC - China's key energy products imports from the U.S.: https://tmsnrt.rs/2V2riJd)

Imports of propane, a key component of liquefied petroleum gas (LPG) used as fuel for cars, heating and to produce petrochemicals, grew at the fastest pace of all major energy products since July.

Robust demand for chemicals from China's revitalised manufacturing sector, along with new processing units at independent refiners Zhejiang Petroleum & Chemical and Zhejiang Huahong have fuelled the import drive.

LNG demand is also expected to be firm through winter as Beijing continues to replace coal with gas and as the country liberalizes its pipeline network.

Refinitiv trade flows data show China may receive a record 1.26 million cubics metres of U.S. LNG in November.

China's crude oil imports from the U.S. hit a record 12.5 million tonnes through October, worth $3.88 billion, but the pace of U.S. purchases is expected to slow through the remainder of 2020 as top suppliers Saudi Arabia and Russia target increased flows to the top oil importer.

(GRAPHIC - China's crude oil imports from the U.S.: https://graphics.reuters.com/CHINA-US/CRUDEOIL/nmopadzdxva/chart.png)

China hits 26% of 2020 target for U.S. energy imports under trade deal
 

Related Articles

Oil prices rise on China energy demand concerns
Oil prices rise on China energy demand concerns By Reuters - Oct 19, 2021 8

By Bozorgmehr Sharafedin LONDON (Reuters) -Oil prices rose on Tuesday as a supply crunch in natural gas, electricity and coal continued across the globe while falling temperatures...

China coal hits record high amid tight supplies
China coal hits record high amid tight supplies By Reuters - Oct 19, 2021

By Shivani Singh BEIJING (Reuters) - China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing's efforts to bolster supply....

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Ks Hng
Ks Hng Nov 26, 2020 9:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Should help NG demand prices ahead
Pat Mathieu
Pat Mathieu Nov 26, 2020 4:31AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Reuters covering up for China not respecting the deal, as usual, both.
Jack Zhang
Jack_A Nov 26, 2020 4:31AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Why respect the deal that the US broke frequently by export banning? What a joke!!!
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email