Something Highly Unusual Just Happened To Chinese Crude Stockpiles

China’s refiners likely drew 200,000 barrels per day (bpd) out of storage in October as they processed record daily volumes of crude while oil imports slowed. The estimate is a very rare occurrence this year for China, which gobbled up cheap cargoes in the spring, likely sending high amounts of that into storage, Reuters columnist Clyde Russell notes. China’s rate of stockpiling crude oil this year has been much higher than in 2019 due to the ultra-low prices in the spring, expansion of storage sites, and the policy to ensure energy…