China's stockpiling and refinery margins

Markets opened February under pressure, with Brent sliding toward $65 as geopolitics failed to bite. Omar Najia remained structurally bullish, dismissing Fed hawkishness and expecting higher oil on easing and geopolitics. Laury Haytayan highlighted calibrated regional strategies over chaotic regime change. Victor Yang stressed weak Chinese margins, muted stockpiling, and cautious demand amid economic transition.