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March 10, 2009

Is Chinese oil stockpiling masking weaker demand?

I made the suggestion in a comment about a week ago that the US government should be doing the same thing with our SPR if we were smart. But we're not smart, we're fucking retards wearing drool bibs easily distracted by shiny objects.

...China has filled all four of its state-owned emergency oil reserve tanks to the brim and should now invest in oil tankers to add more to inventories while oil prices are low, a senior industry executive said on Monday in a rare acknowledgment of Beijing's secretive oil inventories.

Coupled with data last week showing a one-third rise in commercial crude oil stockpiles last year, the admission suggests that a large share of of China's oil import growth last year was pumped directly into storage...


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posted by Purp at 10:53 AM

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