Record-high US crude oil exports last month caused a sharp drawdown in crude storage at the only port capable of loading and off-loading supertankers.

Crude inventories at the Louisiana Offshore Oil Port (LOOP) plummeted in June, falling from 83% of capacity the week of May 30 to 36% of capacity the week of July 11, according to Ursa measurements.

The demand for barrels outpaced the supply arriving at the complex, pulling barrels out of storage.

China has imported record amounts of crude oil so far in 2019. Can this frenzied pace continue into the second half of the year?

To answer this question, it helps to know the reason behind the surge.

Were the extra barrels needed to satisfy unusually strong refinery demand? A desire to stockpile supply for later consumption? Or perhaps add more cushion to strategic reserves?