China’s Hunger For Crude Is Waning

As the coronavirus epidemic brought the world’s second-largest economy to a near-halt during the early part of the year, Chinese crude importers engaged in a massive buying spree, but now the Chinese bounty appears to be evaporating, and the bulls have been put on high alert by the weakening of a key oil price catalyst. In May, China's crude imports soared to an all-time high, with imports clocking in at 47.97 million tons, or 11.34 million barrels a day, according to Bloomberg.   The furious buying by the world’s largest…