China has quietly increased its crude oil stockpiling activities, with recent data showing a significant rise in imports. According to calculations by Reuters energy columnist Clyde Russell, China imported an average of 12.43 million barrels of crude oil daily last month, while domestic production was at 4.31 million barrels per day. With refiners processing about 14.86 million barrels daily, a surplus of 1.88 million barrels per day was directed into storage. This strategic move by China could have implications for global oil markets, particularly for Oil – US Crude and Oil – Brent Crude.
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Over the past month, Natural Gas prices have decreased by 8.08%, while US Crude and Brent Crude have seen declines of 5.12% and 5.50%, respectively. The one-day technical analysis signals indicate a Sell for US Crude and Brent Crude, while Natural Gas holds a Hold signal. These trends suggest a cautious approach for investors as they navigate the current market dynamics. Investors can explore more updates, prices, and analysis across global markets at Commodities.