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Chinese Crude Imports Plunge To Mid-2010 Levels

Tyler Durden's picture





 

By now everyone knows about the collapse in Chinese iron ore consumption, electricity production and luxury good demand (see Burberry), as well as the record copper stockpiling, all of which point to the arrival of the long-deferred Chinese hard landing. Rumors, subsequential denials notwithstanding, that Chinese Hu Jintao successor Xi Jinping may or may not be missing, are not helping. Below we present yet another data point which had, for the longest time managed to diverge from the underlying Chinese economic reality, only for it too now to recouple with gravity with a bang: Chinese crude imports. Coming in at 18.4 million barrels, this was a 16% plunge from July's total imported energy needs, and is the lowest print since mid-2010 swoon, first crossed to the upside back in early 2009. Which likely is where the general Chinese economy is as well, at least in terms of actual demand. Only this time instead of going from the lower left to the upper right, to quote Dennis Gartman, it is doing the inverse.

 


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Tue, 09/11/2012 - 08:22 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

 

It's about time.....this crap is super freakin expensive!

 

Tue, 09/11/2012 - 08:27 | Link to Comment Colonel Klink
Colonel Klink's picture

Are you talking about oil or gold?  Oil yes, gold, not so much. ;)

Tue, 09/11/2012 - 08:33 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Oil is worth it's weight......in oil.

 

Tue, 09/11/2012 - 08:34 | Link to Comment Jason T
Jason T's picture

Ben's gonna print more confetti from washington.. we aint' seen nothing yet.  

Tue, 09/11/2012 - 08:51 | Link to Comment Colonel Klink
Colonel Klink's picture

Did someone say confetti?  Where's the party and why wasn't I invited?!?!

Tue, 09/11/2012 - 11:56 | Link to Comment Renewable Life
Renewable Life's picture

Fuck oil, what I can't wait for is......when all these corporate lemmings wake up one morning and realize they bet their fortunes and reputations on the fact they "thought" China was a great place to do business long term!!!!!

Forget the politics, the corruption, the censorship, the fraud, the human rights violations, the made up numbers to support the corruption, fraud, and politics!!!! Shit is cheap and I'm getting rich..........until your not, fucking idiot!!!!! And when the SHTF, Chinese politicians and communist party types, will politely point you toward the nearest airport and escort you out of the Country, with hat in hand!!!!

And they'll go cry to Mitty or Barrack and scream "how dare they nationalize all our "investments" in them and take our property and equipment and assets!!!!! What about all the infrastructure we paid for, what anout our equipment we imported? How are we going to be able to continue to manufacture cheap shit for Walmart and the other big box whores?

And the lemmings will scream whyyyyyyyyyyyyyyyyyy??????????

And the Chinese will say, you know why, because we are smarter then you and you owe us 6 trillion in debt, and we need these factories for our internal consumption economy now, thanks, bye!

Then we'll see if those fucks at the Fed can keep the stock market inflated?

Tue, 09/11/2012 - 08:46 | Link to Comment fireangelmaverick
fireangelmaverick's picture

There is nothing conclusive in this graph by itself. If you see every year around Sept Crude imports plunge. As the % of imports of total demand will show greater variance than the total demand (duh obvious) this graph is not reflective of total crash in demand.

Tue, 09/11/2012 - 09:52 | Link to Comment greyghost
greyghost's picture

PEAK DEMAND COLLAPSE

Tue, 09/11/2012 - 08:26 | Link to Comment Colonel Klink
Colonel Klink's picture

Rut Roh!  That doesn't look good.  Oil is one of the primary energy sources, could it possibly be that their economy is slowing down?  Or is that their legs I see still pumping off the cliff?

Look out below!

Schadenfreude is so much fun.

Tue, 09/11/2012 - 08:27 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Oil is one of the primary energy sources

 

Well.....after solar.

 

Tue, 09/11/2012 - 08:33 | Link to Comment Colonel Klink
Colonel Klink's picture

Uh.....sure thing GZG.  We know they have all those solar panel cars and factories.

With over a billion people, maybe they should just use treadmills.

BTW - I got the sarc even without the tag.

Tue, 09/11/2012 - 08:27 | Link to Comment Haager
Haager's picture

Let me think...

Does Iranian oil show up in the statistics?

Tue, 09/11/2012 - 08:28 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Yeah.....but they suck at refining it....so what's the point?

 

Tue, 09/11/2012 - 08:59 | Link to Comment old naughty
old naughty's picture

Oh crap,

Iran can't pay for those Russian purchases with Yuan, so no war !

Tue, 09/11/2012 - 08:29 | Link to Comment Colonel Klink
Colonel Klink's picture

I believe it does, but possibly not for long.  Though I'm sure they could "barter" it for say.....gold or something other than petro dollars?

Tue, 09/11/2012 - 08:30 | Link to Comment malikai
malikai's picture

I heard something like 60% of Iranian crude goes to China. Not sure about that number, however.

Tue, 09/11/2012 - 08:28 | Link to Comment westboundnup
westboundnup's picture

Xi Jinping skipped town so he would not be available to accept the bag from Hu Jintao

Tue, 09/11/2012 - 08:34 | Link to Comment Colonel Klink
Colonel Klink's picture

I thought the rumor was he had a little "accident"?

I could have the name wrong though, they do all sound alike.

Tue, 09/11/2012 - 08:28 | Link to Comment malikai
malikai's picture

This must be due to their exceptional utilization of green technologies.

/sarc

Tue, 09/11/2012 - 08:30 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Forward......to the future. We're all getting bonuses today.....tomorrow we go BK.

 

Rinse and repeat.

 

Tue, 09/11/2012 - 09:07 | Link to Comment Urban Redneck
Urban Redneck's picture

Or perhaps they are running short on manufacturing capacity for their new/other SPRs... Must suck to have a SPR filled to the brim and not have any place to stack more... sort of like a gun safe.

Tue, 09/11/2012 - 08:30 | Link to Comment azzhatter
azzhatter's picture

Maybe they are importing so much from Iran on the black market it's not showing

Tue, 09/11/2012 - 08:58 | Link to Comment Schmuck Raker
Schmuck Raker's picture

That  would explain the gold flows from HK. ;)

Tue, 09/11/2012 - 08:33 | Link to Comment Jason T
Jason T's picture

Gasoline demand is expected to up up 12% this year.. 

Tue, 09/11/2012 - 08:35 | Link to Comment Meesohaawnee
Meesohaawnee's picture

and the chinese people can thank one person!!

Tue, 09/11/2012 - 09:00 | Link to Comment Schmuck Raker
Schmuck Raker's picture

I disagree, but - Fuck You Bernanke ! - anyway.

Tue, 09/11/2012 - 08:36 | Link to Comment Quinvarius
Quinvarius's picture

Dennis Gartman is a fucktard of the highest order.  If he points out anything, it is wrong.  Always.  Since Gartman has latched onto this data point in the middle of an obvious uptrend,  we can only assume this represents an oil delivery disruption caused by wars and oil embargos in the middle east, or inaccurate reporting.  Absolutely anything other than what Gartman says is the correct answer.  That is just the way it is.

Tue, 09/11/2012 - 08:36 | Link to Comment Sudden Debt
Sudden Debt's picture

Maybe it's because all those rich chinese folks are buying all electric cars? no?

And for the other news, oil in Belgium is at a new peak and set to break the 2 euro per liter mark in the next 6 weeks....

THAT'S 9,675$ A GALLON!!!

Tue, 09/11/2012 - 08:41 | Link to Comment Cast Iron Skillet
Cast Iron Skillet's picture

gasoline, you mean ... right?

Tue, 09/11/2012 - 08:40 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Maybe it's because all those rich chinese folks are buying all electric cars? no?

 

No wonder I can't find a Volt to save my ass. Thanks a lot China!

 

Tue, 09/11/2012 - 08:44 | Link to Comment Bartanist
Bartanist's picture

The Chinese sure make a whole bunch of solar panels. If they want to rid themselves of western dependence then they need to be energy independent. The arrogant Japanese learned this lesson the hard way.

Tue, 09/11/2012 - 08:50 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

The Chinese sure make a whole bunch of solar panels.

 

They've got crap load of them in the basement.....I can get you a sweet deal....just say the word.

 

Tue, 09/11/2012 - 10:02 | Link to Comment Arnold Ziffel
Arnold Ziffel's picture

Brand new solar panels....just fell off the truck....

Tue, 09/11/2012 - 08:42 | Link to Comment Bartanist
Bartanist's picture

I am thinking that at some point even bankers and politicians have to come to an "aha" about the situation they are in. Hopefully they regain their humanity and understand that whatever they do to the rest of the people will have massive consequences on them and many of them "unintended". This is of course assuming that they are not possessed by demons or simply MK-Ultra mind controlled bitches and still have an ounce of free will.

At that point they will look to the future, envision the future state and chart the path (or accept the path that has already been charted by more intelligent and less controlled humans) to get there. Currently their path leads to the ultra-rich in deep underground bunkers and everyone else slaughtering each other in the streets for food... after which they assume that they will emerge as kings and queens to a new and unspoiled world that they can mold to their liking, with the remaining slaves.

My guess is that they are wrong. There will be unintended consequences and I cannot see a future state organizing force (but there may in fact be one)... so there will at best be a feudal system of small disorganized psychpaths and sociopaths.

But, can the current system be saved, along with its people? Well, probably not. We can certainly hit the re-set button, by forgiving debt, letting all of the international banks fail, get rid of the central banks, try the criminals who created and abused the corrupt system, make the rich people montarily poor again and return the government and its technology to the people again. (Is this likely? Probably not. "They" are afraid to take the challenge of the re-set button because they know they are now weak, incompetent and living off the effort and intelligence of slaves)... but IF they have tangible wealth and earning power through value creation then those that are not prosecuted for their crimes will rise to the top again. I recall what happened after the plague in Europe. Rich land owners were forced to farm their own lands as many of their serfs left for better opportunity, rising in the social ranks to fill the void of the dead higher classes.

I am thinking that the world controllers (they are anything but leaders) know that the time is coming. IMO, the earlier they do the re-set, the better chance THEY have of controlling the outcome ... and they may not even have to head down into their bunkers or flee (as Nostradamus predicted).

Tue, 09/11/2012 - 08:58 | Link to Comment spanish inquisition
spanish inquisition's picture

Time to ramp up the End of the World 2012 tour to confuse and distract. Just need to figure out how to trigger a supernova 10,000,000 light years ago that is 9,999,999.8 light years away. Obviously it will be interpreted to mean we need to invade somewhere to save the world from our freedom or something like that.

Tue, 09/11/2012 - 09:13 | Link to Comment Sudden Debt
Sudden Debt's picture

If you look to the programmation on discovery channel, it's like all hopes are set on the ancient astronautes...

Yesterday I was watching that crap and after 10 minutes it dawned to me and all I could think was: WHY THE FUCK AM I WATCHING THIS LOONEY CRAP!

Tue, 09/11/2012 - 08:43 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

So let's connect some dots.  Deflation must be avoided at all costs.  The central banks hold up the monetary end.  But what about the commodity that is an input to just about everything i.e. energy, especially oil?  Got to keep the price of that moving up as well.  How to do that?

- global monetary printing

-  middle east saber rattling to spook "investors"

- using civil unrest and other activities to curtail supply, Libya, Nigeria, Iraq, Iran etc.

-  motivate the Chinese to stockpile every commodity on earth, including oil

Feel free to add your own.

Tue, 09/11/2012 - 08:44 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

.

Tue, 09/11/2012 - 08:48 | Link to Comment TrumpXVI
TrumpXVI's picture

18.4 million barrels; over what period of time?  Is this daily total oil consumption?  The U.S. is somewhere around 19.4 million barrels per day.  If it's daily consumption they're talkin' bout, that's a staggering level of consumption for the Chinese.  I'm having difficulty believing it, but it is possible that they're at that level now.  If this is indeed the case, the world is in a heap of trouble.  Global oil production isn't going to support TWO United States of Americas.

Tue, 09/11/2012 - 09:10 | Link to Comment fattail
fattail's picture

the chart is in million metric tons....  looks like over a month...  that doesnt support the 1.5 million cars they are adding to the road each month....  probably a combination of hard landing and their gold for iranian crude swap not making the ministry of truths report.

Tue, 09/11/2012 - 08:52 | Link to Comment El_Puerco
El_Puerco's picture

Beijing Gives China's Banks the

Green Light to Dump Dollars!

China's central bank has always been able to sell dollars… Until NOW… For the first time, every commercial Chinese bank has been given official approval to DUMP and even SHORT the U.S. dollar!

 

What does this mean for U.S. dollar holders (you)? One word: CATASTROPHE. The conspiracy between Obama and China is deeper than you ever imagined.

 Saludos......

 

 

Tue, 09/11/2012 - 09:11 | Link to Comment fattail
fattail's picture

link??

Tue, 09/11/2012 - 09:03 | Link to Comment mrktwtch2
mrktwtch2's picture

hmm china is massivly slowing down because nobody is buying their stuff..and meanwhile we are at new highs in the spx thanks to ben and mario..lol

Tue, 09/11/2012 - 09:06 | Link to Comment Chief_Illiniwek
Chief_Illiniwek's picture

Even if this data is to be believed (...who is the source of the RAW data, again?), note that this "behavior" occurred about this time in 2010.  And what happened thereafter?

Or - from another viewpoint - will all of the new kilometers of highway announced last week be bicycle-only?

Tue, 09/11/2012 - 09:07 | Link to Comment d_taco
d_taco's picture

So now it became clear 115 is the peak in the last cicle, do we have to wait until CBS comes with a kid telling us to go long oil before it plunge or shall we run for the exit richt now.

http://graphics.thomsonreuters.com/11/02/cftc.html#

Notice that oil in Euro and gold terms is already moving down!!

 

 

 

 

Tue, 09/11/2012 - 09:09 | Link to Comment FrankIvy
FrankIvy's picture

 

 

So . . .

U.S. gasoline consumption way down.

Chinese oil use . . . down.

Gasoline is 3.89 at the pump.

Demand down.

Price up.

Conclusions compatriots?

Enjoy the end of the party.  The FF age is rapidly ending. 

At once, I feel wonderful and guilty having lived through a time when hot water on demand was the norm.

Tue, 09/11/2012 - 09:24 | Link to Comment Sudden Debt
Sudden Debt's picture

I think I better start dusting off that nuclear reactor in my basement and start making my own electricity....

All I need to do is go on Ebay...

search "plutonium rod"

... searching....

... searching....

hmmmm.... there's just stopped a white van in from of my house...

and some guys dressed like they're going to a paintball game just came out of the van...

 

Tue, 09/11/2012 - 09:10 | Link to Comment forwardho
forwardho's picture

Yesterday, I read no less than 14 seperate articles or news stories from the MSM which talked openly of an eminent financial collapse, inculding Limbaugh's epic rant. If this is now being "leaked" to public in this manner.... TAKE HEED!

Tue, 09/11/2012 - 09:26 | Link to Comment tip e. canoe
tip e. canoe's picture

yup, it's most definitely ramping up.    this should be a clue for those playing at home.

Tue, 09/11/2012 - 09:18 | Link to Comment kevinearick
kevinearick's picture

Plunge team 3,2,1..release the hounds!

Tue, 09/11/2012 - 09:51 | Link to Comment bebopgun
bebopgun's picture

How much did domestic production increase over the last 2 years to offset the need for imports?

Tue, 09/11/2012 - 10:27 | Link to Comment adr
adr's picture

Is that why gasoline jumped $.30 last night from $3.69 to $4.00? We got to have one day of slightly lower gas prices, WOW!!!

Tue, 09/11/2012 - 11:36 | Link to Comment Au Shucks
Au Shucks's picture

I would be curious if this chart takes into consideration back-channel imports via Iran and Venezuela.  Like their gold imports, and probably many other imports, China's reported oil imports are likely only a fraction of their actual, unreported total imports. 

 

REMEMBER - In our bizarro world, there are NO reliable statistics other than an individual's own stack, food/water supply, and other preps.  Do not believe ANY government statistic as the entire system of global trade, consumption and production is collapsing in real-time and must be propped up any way possible.  Charts are one pillar of that prop mechanism.

Tue, 09/11/2012 - 11:50 | Link to Comment shovelhead
shovelhead's picture

Save Burberry!

Give some Chavs mo' money.

Tue, 09/11/2012 - 12:14 | Link to Comment rsi1
rsi1's picture

Any chance seasonality has a minimal impact on this? LOL! talk about stretching info.. Not even Obama or Romney would do this..

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