Crude oil inventories in China have accelerated their decline in recent weeks, Bloomberg reported on Wednesday, quoting data analytics company Kayrros. At this time last year, Chinese stocks stood at 856 million barrels, according to Kayrros, which compiles and analyzes satellite data. At the start of this month, inventories stood at around 990 million barrels, down from a peak of 1 billion barrels last September, the data cited by Bloomberg showed. The decline in crude oil stocks in recent weeks is bullish for oil prices as it suggests that the market has accelerated the inventory drawdown. According to Kayrros , “COVID-19 has accelerated a rebasing of Chinese stocks also led by new storage capacity, new refining capacity, and a renewed focus on import independence and energy security,” co-founder Antoine Halff said. China’s inventory build last year was initially led by demand after the Chinese lockdowns ended, and then stocks […]