China Is Back to Building Oil Inventories

Satellite data shows seasonal storage patterns are on track in November

China is back to building its oil inventories in November, a rebound from September and October, when stockpiles fell by more than 120 million barrels, according to commodities intelligence firm Orbital Insight Inc. Through the first nine days of the month, oil reserves have increased by about 37 million barrels. From 2014 to 2016, the country on average increased inventories by 22 million barrels from the beginning of November to the end of December, according to Orbital data.

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