Energy Markets
China's petroleum imports rebounded in November, but so did storage circulations: Russell
China's crude oil imports in November struck a 14month high, however much of the extra volume is likely to have ended up in storage as refinery processing stayed suppressed. China, the world's most significant crude importer, had a surplus of about 1.77 million barrels daily (bpd) in November, according to estimations based upon official information. This is the second-biggest regular monthly surplus this year and behind just the 1.85 million bpd in August. The scale of the excess crude deteriorates any bullish interpretation of the rebound in November's oil imports. China does not reveal the volumes of crude streaming into...