表观需求量同比增速保持稳定

Apparent demand year-on-year growth remained stable

　　根据彭博国家统计局与瑞银调整，我们估计中国10月石油表观需求量为995万桶/天，同比增长7.0%；而9月份同比增长率为8.7%。经过交通运输燃料库存调整，我们估计10月同比增速为4.8%。

According to bloomberg national bureau of statistics and ubs adjustment,We estimate that China October oil apparent demand for 9.95 million barrels per day,Year-on-year growth of 7.0%;But September year-on-year growth rate of 8.7%.After transportation fuel inventory adjustment,We estimate that October 4.8% year-on-year growth.

　　10月炼厂加工量同比增长7.6% 推升原油进口量环比上升18%

October refinery runs a year-on-year increase of 7.6% An oil imports link up 18%

　　10月炼油加工量为960万桶/天，同比增长7.6%，但环比微降0.3%。年初至今的炼油需求同比增长2.7%。根据C1能源的测算，随着炼油利润好转我国的炼油开工率开始上升，10月主营炼油加工量环比增长5.0%。同时也推动了10月的原油进口量环比上升18%，进口成本上升至112美元/桶。

October oil refining processing capacity of 9.6 million barrels per day,Year-on-year growth of 7.6%,But link edge down 0.3%.Year to date refining demand year-on-year growth of 2.7%.According to the calculation of C1 energy,Along with the oil refining profit improving China's oil refining starts began to rise,October's main oil refining runs chain growth of 5.0%.At the same time, but also promote the October oil imports link up 18%,The cost of imports rose to 112 dollars/barrel.

　　进口汽油需求依然保持弹性同比需求增长10.3%

Imported gasoline demand remains elastic year-on-year growth of 10.3% demand

　　10月份，汽油需求同比增长6.9%，柴油需求同比增长0.5%。经过库存调整之后，汽油柴油同比分别增长10.3%与3.1%。汽柴油库存可覆盖需求的天数仍然处于历史低位。LPG显示出强劲的季节性需求。

In October,Gasoline demand year-on-year growth of 6.9%,Diesel demand year-on-year growth of 0.5%.After the stock after the adjustment,Gasoline diesel and 3.1% year-on-year growth of 10.3%, respectively.Steam diesel oil inventory demand can cover the number of days is still in a historical low.LPG shows a strong seasonal demand.

　　年初至今石油需求同比增长2.9%

Year to date oil demand year-on-year growth of 2.9%

　　表观石油需求增速随着去年的低基数效应与经济环境的回暖而开始加速。我们预计石油需求在4Q12应将继续增长，达到我们全年同比增速3.4%的预测目标。

Apparent oil demand growth as last year's low base effect and economic environment milder and begins to accelerate.We expect oil demand in 4 q12 should continue to grow,Meet our annual prediction of 3.4% year-on-year growth target.