Daily Energy Report
China oil consumption, EU piped-gas imports, Saudis cut Asia oil price, CA energy danger, Sanctioned tanker detour, Equinor assets sale, Russia piped gas to China, Climate alarmism, and more.
Chart of the Day: China’s Green Shoots?
Summary
Figure (1) shows weekly trends in China’s oil inventories in 2023 and 2024. As we have mentioned in the past, one of the reasons for the decline in oil prices in 2024 was China’s use of inventories instead of importing oil. However, inventories rose suddenly in October and November, indicating slow economic growth and ineffective stimulus packages. But suddenly inventories declined markedly, whipping out all the previous increases. In the last five weeks, inventories have declined by about 29 mb.