BEIJING/SINGAPORE - China’s crude oil imports in March rose 11.7% from a year earlier, as refiners stocked up on lower-priced cargoes despite falling domestic fuel demand and cuts in refining rates caused by the COVID-19 disease outbreak.
That compared to an average of 10.47 million bpd for the first two months of the year. Imports for the first quarter rose 5% from a year earlier to 130 million tonnes, customs said, equal to 10.43 million bpd. “Teapots started to book crude oil from late February when domestic virus transmission was easing. Some of the vessels have arrived in March and more will come in in April,” said Li Yan, senior analyst at Longzhong Information Group.
No surprise here. China and all other countries that are able to will stockpile during low oil prices and incoming instability.
They fear a backlash over the origin of the Coronavirus. Of course they are stockpiling.
Trump says that the US is stockpiling also. Buy low.
all these buy sentimen but still the prices flatten..
Going for cheap.
Meanwhile, exports of soulless and conflict laden electronics dipped by double digit percentage points
Buy 'em low, pile 'em high to last a while