Despite the collapse of several key industries (cough Steel & Construction cough), as we have discussed in detail related to the record number of VLCCs charging towards China [6], Chinese crude oil imports surged by almost 5 million barrels in December - the most on record. This 19.5% surge MoM (and 13.4% YoY) indicates significant efforts to fill the nation's strategic reserve but - absent this 'artificial' demand - spells problems for an already over-supplied global oil market (and its near record contango).
A record surge in crude imports in December...
And think what prices would have done if this 'demand' was not there...
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Charts: Bloomberg
