On Monday, refinery runs data was released by the NBS of China, showing a 500,000 bpd drop, and the market has since reacted:
Oil Falls on Strong Dollar and Continued China Demand Worry - Reuters
Oil Slips as Chinese Demand Overshadows Libyan Disruption - Chron
Even with imports data released last week, without reliable inventory data, there’s no way of knowing if crude oil was churned through refineries at the same rate or not.
Ursa’s China Oil Storage data would have solved this problem. In July, Ursa data showed inventories remained flat. Upon seeing no change in inventories and a drop in imports, someone with Ursa data might have predicted a drop in refinery runs.
Understanding inventories one week prior to refinery runs data coming out can be beneficial to traders or analysts looking for an edge ahead of their competition. Ursa’s weekly data set can be used to find and predict market effects. Sign up for a free evaluation here.