China’s Swelling Storage Tanks Pose Competition for OPEC

China’s swelling storage tanks are finding its way back into the international market.
Traders jump at the opportunity to source cheap crude for resale to regional refiners.
1 million barrels have been procured by trading houses via the Shanghai futures exchange.
China went on a record buying spree to fill its reserves with low-cost supplies.
Some of those stockpiles are hitting the market just as OPEC and its partners prepare to raise output.
The oil is coming from the 14 depots designated as...