Ithaca, NY – April 19, 2017 – If you had been receiving our China oil storage reports, you would have gotten early insight about some of the news in Bloomberg’s article, China Takes Crude Crown as Output Lags Behind Rising Demand.
Our weekly data showed a continuing drop in Chinese inventories since the beginning of the year, followed by increasing inventories from late March into April. Ursa now measures over 1,500 tanks in China on a weekly basis, representing 76% of above-ground storage.
As Bloomberg states, “China’s record oil imports in March helped it top the U.S. as the world’s biggest buyer during the first quarter as stockpiling and aggressive buying by refiners coincided with slumping domestic production.”
Between 3/1/2017 and 4/12/2017, Ursa measured a 6.78% build in Chinese oil stocks. Contact us for more details!