Reuters first with steep fall in China fuel stocks, turnaround in demand

Reuters was alone on May 8 with the most compelling evidence yet of a turnaround in oil demand in China, the world`s No.2 consumer. Beijing correspondent Eadie Chen obtained industry figures showing a 15 percent fall in fuel stocks during April at the Chinese refining giants Sinopec and PetroChina, while sales rose 5 percent. The data, which appeared almost a week later in the Chinese press, was crucial evidence of a recovery in Chinese demand. Analysts seized on the story because of the apparent turning point, since China has experienced waning demand and excess supply for months. China does not publish official inventory data, making such insight invaluable for customers.