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Strong Chinese numbers for crude oil and oil products

China was a net exporter of refined products for the third month in a row, while its import of crude oil rose markedly. J.P. Morgan sees the development as great news for the larger tanker market.

Photo: BW Group

China was a net exporter of refined products for the third month in a row. Meanwhile, the country’s total crude imports in September were 27.95 million tons (6.8 mbpd), up 5.1% from August and 1.4% year over year, financing firm J.P. Morgan writes in a memo.

"We generally view this as bullish data point for both crude and products," the firm writes

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