Both oil and stocks rallied on Tuesday morning as news of a Fed stimulus initiated some bullish sentiment in markets, but poor fundamentals are likely to drag oil prices down again Chart of the Week – China’s annual oil imports increased to 10.1 mb/d in 2019, while the U.S.’ import total averaged around 7 mb/d. – Roughly 55 percent of China’s oil imports comes from OPEC countries, which is the smallest share since 2005. – Russia is the largest source of supply for China, averaging 1.6 mb/d, or 15 percent of China’s imports. Market Movers – Phillips 66 (NYSE: PXD) and ExxonMobil (NYSE: XOM) cut refinery runs at a few large U.S. refineries because of weak demand. – Total (NYSE: TOT) and Royal Dutch Shell (NYSE: RDS.A) each cut spending by around 20 percent and suspended share buybacks. – EOG (NYSE: EOG) scrapped its plan for a debt offering […]