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Today's Piece Courtesy of Gavekal's Tom Holland

Happy Friday eve, Founding Members!

Tom Holland writing on the very big topic of China’s actual oil consumption. He’s surmising, and I think he’s right, that China used the early-summer oil price weakness to build up its strategic crude reserves. In other words, it’s importing more than it is consuming right now. 

Over the years, it has been an opportunis…