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China Crude Inventories Fall to Seasonal Lowest in 3 Years

OIL

Total onshore crude inventories in China have fallen to the lowest seasonal level in three years according to Ursa Space Systems.

  • Stocks were 896mbbls in the week to Oct 13, compared to 922mbbls this week in 2021 and 1,050mbbls in 2020 and 881mbbls in 2019
  • “This reverses the trend seen in the first half of 2022, when inventories gradually increased,” said a senior product strategist with Ursa. The stocks were 881mbbls at the start of the year and up to 955mbbls at the start of June.

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