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Marginal Draw in China Onshore Crude Stockpiles

OIL

China’s onshore crude stockpiles fell by around 13mn bbls over the last two weeks according to Vortexa figures.

  • Vortexa had placed the nations stockpiles at a record 1.02 billion barrels as of July 27.
  • Ursa estimates also recorded two weeks of inventory draws.
  • They had built for the 11 weeks prior.
  • Markets remain unsure whether higher crude prices may drive Chinese refiners to tap into stockpiles bought at cheaper prices and reduce imports.

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