China Can't Resist $30 Oil - Bloomberg Business:
"Last month’s plunge in crude to $30 a barrel proved too much of a bargain for China to turn down even as its economy lurches toward the weakest growth in a generation.
Chinese companies booked tankers to collect more West African crude in February than in any single month since at least 2011, data from the physical shipping market collated by Bloomberg show. It also increased its purchases of oil from producers in the North Sea and Russia. The voyages are all thousands of miles farther than the Middle East, which supplies most to the Asian country.
“This surge in Chinese demand for crude goes against recent macroeconomic news coming out of the country but is very much in line with their past behaviour in low flat price environments,” Olivier Jakob, managing director of Petromatrix GmbH, said by phone. “Whenever there has been a strong retracement in prices China has loaded up their reserves.”"
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