Hormuz reopens, but depleted stocks leave the oil market dangerously exposed

What the excerpt of the report covers: 

• China's 3–4 mb/d crude import drop: why much of this is temporary, not structural. 
• Petrochemical stocks drawn down to tight levels, margins are already strengthening. 
• EA's estimated floor for Chinese runs at around 12.5 mb/d, imports need to be above 8 mb/d. 
• At least 80 mb of new Chinese storage capacity starting up this year. 
• US crude inventories (including SPR) at their lowest since 1985, with no buffers left to absorb a demand return.
  

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