The EIA reported inventory data quite in line with consensus expectations. The surprise this week was China, which reported a paltry 3% YoY growth based on preliminary data. Please see attachment for more details.
· Crude oil inventories declined 0,8m bbl versus consensus estimates of 1m bbl drop. Crude oil inventories continue to be comfortable, within the 7-8% range above its 5y average.
· China was the surprise of the week. Preliminary oil consumption data for the month of July shows just 3% growth YoY, in sharp contrast with the 18% YoY growth in 1Q10 and the 11% YoY growth in 2Q10.
· Clearly, one month does not make a trend, but it is in line with the economic deceleration taking place in China.
· This is an important data point for the oil market sentiment. China demand growth has been an important driver for oil prices over the years
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