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China’s Vanishing Crude Appetite Tests the Floor Under Oil Prices

China’s crude imports collapsed to a near‑10‑year low in June, removing the single largest source of physical demand from a market already wrestling with the cl…

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China’s Vanishing Crude Appetite Tests the Floor Under Oil Prices
Article image: China’s Vanishing Crude Appetite Tests the Floor Under Oil Prices

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Excerpts from the article

  • China’s crude imports collapsed to a near‑10‑year low in June, removing the single largest source of physical demand from a market already wrestling…
  • The numbers are stark. China’s June crude imports crashed to 7.12 million barrels per day, a 41% year‑on‑year drop, as refiners slashed runs to 12.47…
  • Behind the import collapse sits a deliberate three‑lever strategy. Goldman Sachs commodities strategist Hongcen Wei identified the tools Beijing has…

For now, China’s reduced crude appetite is acting as a buffer that prevents oil prices from spiraling even higher. But the buffer is finite, and the market is watching for the moment when Beijing decides to restock—or to export more fuel instead. Whether China’s next move supports crude prices or undermines them will depend on which lever it pulls hardest.

Sources: Source 1 · Source 2 · Source 3 · Source 4 · Source 5 · Source 6

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