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1:19
Berger: Looking for price weakness in the Russell 2000
Serge Berger
17 November 2014 at 7:49 GMT
2:25
Why trading oil is like 'catching a falling knife'
Ole Hansen
15 October 2014 at 9:11 GMT
2:53
As the oil price falls how best to trade crude
Ole Hansen
13 August 2014 at 12:16 GMT
2:42
What's really behind crude's dramatic decline
Ole Hansen
05 August 2014 at 13:14 GMT
2:22
Why China's oil hoarding will keep prices up
Ole Hansen
09 July 2014 at 9:57 GMT
2:19
What next for oil and gas as global tensions rise?
Ole Hansen
16 June 2014 at 14:03 GMT
Video / 09 July 2014 at 9:57 GMT

Why China's oil hoarding will keep prices up

Ole Hansen
China’s insatiable thirst for oil will continue to prop up prices for the rest of the year, according to Saxo Bank's Head of Commodity Strategy Ole Hansen. The latest OPEC oil market report data is due out this week and is expected to show that China is still stockpiling hundreds of thousands of barrels every day.

The Chinese strategic oil reserve is nowhere near as large as in the US. The States has around three months of oil in reserve while China's stockpile is thought to equal around three weeks of demand.

Ole Hansen says that the oil price would be supported above the one hundred USD level by this continuing Chinese stockpiling operation. Of the almost seven million barrels of oil China imports daily it's estimated that, at times, almost a quarter is being added to the growing reserve.    
     

 

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