China Imports Down – What Could This Mean?

July data for China crude oil imports shows a noticeable drop from 8.79 mbd to 8.16 mbd, as noted in the media:

imports_graph

China’s Crude Oil Imports Fell to a 7-Month Low – Market Realist
A Red Flag For Oil? China’s Crude Imports Drop To 7-Month Low – OilPrice

Want to know the whole story? Does this necessarily mean demand is falling? Inventories also have to be considered. Ursa monitors Chinese oil storage on a weekly basis, and already knows the change in inventories throughout July.

Ursa’s weekly data set can be used to understand these potential market effects. Sign up for a free trial of our China Oil Storage report here.