Onshore crude oil inventories have been tightening. Onshore crude oil inventories have been tightening and seem to be at an inflection point, according to energy and environmental geo-analytics company Kayrros. In a report sent to Rigzone on Monday, Kayrros stated that what started in June as a slow trend recently picked up momentum “with global onshore stocks plunging at the fastest pace of the year in the week to September 4”. “China, despite tepid domestic demand due in part to its zero-Covid policy, is leading the way,” Kayrros said in the report. “Its destocking is accelerating. It has now retraced most of the stockpiles accumulated since Russia’s invasion of Ukraine. At latest count, its above-ground crude stocks were just slightly above pre-invasion levels,” Kayrros added. “China, by cutting back on imports, has now retraced more than two-thirds of the ~90 mb build accumulated from mid-March to early June. At […]