July data for China crude oil imports shows a noticeable drop from 8.79 mbd to 8.16 mbd, as noted in the media:
China’s Crude Oil Imports Fell to a 7-Month Low - Market Realist
Does this necessarily mean demand is falling?
If you want to know the whole story, inventories also have to be considered. Ursa monitors Chinese oil storage on a weekly basis, and already knows the change in inventories throughout July.
Ursa’s weekly data set can be used to understand these potential market effects. Sign up for a free evaluation of our China Oil Storage report here.