China’s Influx of Foreign Oil Slows Sharply in Tanker Movements
- Supertankers signaling Asian country drop to lowest since May
- Nation’s demand for oil cools with physical prices slipping
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The volume of crude bound for China has plunged to its lowest level since early May, hinting at faltering demand in contrast to the buying bonanza that took place only a few months ago.
The number of supertankers signaling the Asian nation during the next three months fell by 12 this week to 111, ship-tracking data compiled by Bloomberg show. The decline underscores faltering demand as global infections of Covid-19 rise, and the world braces for a second wave of the virus.