China’s Crude Oil Stockpiling Baffles Markets

China has significantly increased crude stockpiling this year. The crude import volumes going into the world’s biggest importer have held relatively strong despite lukewarm demand and an imminent peak in demand for road transportation fuels. China’s crude stockpiling has supported international oil prices into the $60-$70 a barrel range, despite trade wars, concerns about the economy, and soaring supply from both OPEC+ and non-OPEC+ exporters. But supporting oil prices has hardly been China’s motive to amass crude in storage tanks.…