China stores massive volumes of crude oil in August on soft prices

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China stores massive volumes of crude oil in August on soft prices - Business Standard

Quick Summary:

The world's biggest crude importer saw arrivals of 11.56 million bpd in August, while domestic output was 4.20 million bpd, given a total of 15.

The past buying pattern of China's refiners suggest that they have become price-sensitive in recent years, buying excess crude when they deem oil to be cheap, but turning to inventories when they believe prices have risen too high, or too quickly.

Cargoes that arrived in August were most likely arranged in May and June, a time when global crude prices were trending lower.