China’s imports of crude oil stayed above 11 million barrels per day (bpd) for a fifth straight month in September, something that sounds bullish for the market but in reality is far more likely to be bearish for coming months.
Official customs data released on Oct. 13 showed China imported 48.48 million tonnes of crude in September, equivalent to 11.8 million bpd.
This was up from 11.18 million bpd in August, but shy of the record 12.94 million bpd in June. However, the last five months have now been the five strongest on record.
While this looks bullish for crude markets on the surface, it’s important to understand why the world’s biggest oil importer has had such a ravenous appetite in recent months.
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