Making matters worse, China reported its crude oil imports
for December earlier today. They were not bullish reading,
for they were 11.56 million tonnes, up 2.6% year-on-year.
Compare this to the fact that for the whole year crude
imports were up 14.5% and compare this to the fact that
GDP was supposed to have been growing at 10%+ rates,
suggesting that crude demand should be up nearly that
same amount. Demand growth for crude then is slowing...
rather materially so, although we must admit that one month
does not a trend make. Two might; three will. (gartman)