RE:RE:RE:RE:RE:API oil inventory reportChina's oil demand growth is reduced in 2024 to around +500,000 barrels/d according to the median estimates of 12 forecasts. So they will be importing a record amount, just not as much as previously thought.
At any rate the markets are clearly manipulated, when API has a -2.5M draw of oil inventories and the market sells off +1% early the next day is BS. The EIA shows commercial stocks increasing by +1.2 M/b but total stocks exc SPR decreased by -9.6 M/b. And the market sells off more than 2%.