Thats not hard to understand. They have filled up when oil was rock bottom cheap and started using it when prices were rising. In the end, it’s no more than trying to optimize the last bits of value out of a system that’s mortally wounded. Chinas economy is a trainwreck to happen and although pretty much any figure about it is pure fiction, their leaders must have at least a rough idea of what way this thing goes. I would have done the oil thing the same way but it’s not going to change the end result.
China may be forced to start buying crude at elevated prices to replenish its thinning crude stockpiles, adding more pressure to a nation that’s facing energy shortages and seeking to avert a diesel crisis.