China is buying cheap oil to fill its strategic oil reserves–a move that could save the oil industry. But can it really save the entire global oil industry? Some say yes, while others claim it is merely magical thinking. The notion that China could save the oil industry started earlier this month when the first preliminary data about March imports started coming in, and it has been growing louder. China began to ease its crippling lockdown a few weeks ago, sparking hopes that oil prices will start rising as industrial activity and travel begin to recover. Data showed that China had doubled its rate of oil stockpiling during the quarter when the population was effectively quarantined, feeding the aforementioned hopes. The reports about China soaking up cheap oil are rushing in. Trader spirits must be high. And yet, some have warned that even China can’t save prices this time. […]