Visualizing China's Role In Stabilizing Oil Markets

One striking feature of the Strait of Hormuz disruption over recent months has been that market stress in Asia appeared more acute in March than in June, despite a steady drawdown in inventories.

As UBS economist, Arend Kapteyn, notes in his latest Macro Chart of The Day (available here for pro subs), the key reason was the sharp decline in China's crude and petroleum product imports, which freed up supply for other consumers to rebuild stockpiles - or at least secure required volumes.