Ex-China unreported stocks could recover ahead of LME stocks

摘要

The global refined market was in deficit for all but three of the past sixteen quarters from 2016 Q1 to 2019 Q4 and we calculate cumulative deficits over this period reached 1.4 Mt. These deficits led to the drawdown of much of the stock built up in the years since the global financial crisis, when reported and unreported stocks reached unprecedented levels and cast a long shadow over the market. In this Insight we are taking a look at unreported stock levels in ex-China and China at the end of 2019 and how we expect these to change in 2020.