Daily Energy Report
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Chart of the Day: China’s Oil Inventories Continued to Decline
Summary
The two charts in Figure (1) above show China’s crude oil inventories in 2023, both commercial and strategic (SPR). The only difference between the two charts is that the one on the left starts from zero while the one on the right starts from 900. Posting the first one alone doesn’t show the large drop in inventories (54 mb) because of its huge size. Posting the second one on its own constitutes a biased view because it conveys the message that the decline is larger than it is.