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Observed oil balance gap points to cuts and underground movements, Rory Johnston notes

Observed oil balance gap points to cuts and underground movements, Rory Johnston notes
China crude gap signals refining cut

Rory Johnston highlights concerns over China's reported crude oil balance, pointing out a persistent unexplained gap of over 1.6 million barrels per day between implied and observed figures.

Johnston suggests this discrepancy likely reflects both understated reductions in refinery operating rates and significant underground strategic petroleum reserve (SPR) activity.

Johnston previously examined fallout from China’s crude import collapse and its implications for the global oil market. Separately, he reported on Commodity Context’s plans to use at least C$1 billion of Emirati capital in its expansion. These earlier reports highlight Johnston’s ongoing focus on commodity flows and market strategies.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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