China's commercial stocks of crude oil were up 1.58% month on month at end February, while oil products stocks surged 13.6% over the same period, latest data released by state-owned Xinhua news agency showed.

It was the third consecutive month-on-month growth in commercial crude and oil product stocks, S&P Global Platts calculations showed.

Xinhua said its inventory data was obtained from China Petroleum Stockpile Statistics, which excludes oil held in strategic petroleum reserves. No reasons were given for the month-on-month changes in the report, which provides only changes to stock levels in percentage terms, not volumes.

China imported 32.3 million mt, or 8.45 million b/d, of crude oil in February, down 12.1% from the record high of 40.64 million mt, or 9.61 million b/d, in January, latest General Administration of Customs data showed.

The National Bureau of Statistics has not released monthly crude production and throughput data for January and February.

However, the build of commercial crude stocks implies that domestic refineries may have processed less crude oil in February than in January, market sources said.

China's week-long Lunar New Year holiday fell in February, which was believed to have capped gasoil demand and hence discouraged refining interest in the month, sources said.

China's commercial gasoil stocks surged 39.92% month on month in February, according to Xinhua data.

Domestic gasoil demand was sluggish in February due to the closure of factories, low temperatures and the suspension of outdoor projects during the Lunar New Year holidays, Xinhua said.

In contrast, gasoline stocks fell 9.12% month on month in February.

This was likely due to brisk gasoline demand due to the week-long holiday, according to Xinhua.

Xinhua's data serves as a reference for changes in China's commercial petroleum stocks.