China may have given oil markets false hope. A rapidly rebounding economy in the Asian powerhouse had initially revived demand, but bloated inventories and stockpiling by domestic refineries have exposed the fragility of prices. A look at Chinese ports tells the full story. Shandong —home to a host of independent refineries —is completely congested. The volume of crude stored on tankers idled in Chinese waters near the port city for more than a week has quintupled from normal levels.
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