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China imported 37.93 million tonnes of crude in August, or 8.93 million barrels per day, up 6.2% from July for a second straight monthly gain, yet down 23.4% from a year earlier, with January-August volumes at 320.9 million tonnes and 14.6% lower year over year. The monthly rebound offers marginal support to Brent and WTI, but the cumulative decline keeps the demand impulse from the largest crude importer soft, capping upside in energy-linked equities and inflation expectations. Refined product exports of 6.01 million tonnes, up 29% month over month and 12.7% year over year on eased export quotas, point to wider Asian gasoline and diesel supply and pressure on regional refining margins; the next customs release and further quota decisions are the key confirmation for whether stockpiling or genuine demand drove the crude uptick.
As a Macro signal, watch whether it changes price action, volatility, or flows around CL=F, BZ=F.
Original Source: 토큰포스트
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