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OIL
Onshore Chinese crude inventories dropped significantly at the end of July, falling nearly 30 Mbbls over the two weeks through 6 August according to Kpler.
- This drop coincided with a pop in floating storage and a corresponding drop in crude imports at the end of July into August.
- The slowdown was seemingly related to hurricane-level storms hitting China according to Kpler.
- Chinese crude imports have since rebounded, now at a record so far this month, and correspondingly Kpler has seen onshore inventories rebound by 13 Mbbls in the last two weeks.
- Markets are weighing up whether China will keep pulling in strong imports while prices are high and at what point they start dipping more heavily into bulging stockpiles largely bought at much cheaper prices.
source: Kpler
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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