--- title: "Here's the defensive stock-market trade that -2-" type: "News" locale: "en" url: "https://longbridge.com/en/news/287637816.md" description: "Rory Johnston, CEO of Commodity Context, highlights a 40% drop in China's oil imports this year due to the Iran conflict, while noting that the global economy remains strong. He suggests that China is likely relying more on its oil reserves, creating uncertainty in the market regarding when this support will end, potentially leading to increased oil prices." datetime: "2026-05-26T12:26:57.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287637816.md) - [en](https://longbridge.com/en/news/287637816.md) - [zh-HK](https://longbridge.com/zh-HK/news/287637816.md) --- # Here's the defensive stock-market trade that -2- The chart shared by Rory Johnston, founder and CEO of Commodity Context, shows a 40% drop in China oil imports this year, due to the Iran conflict. Yet he notes on his Substack that the global economy seems to be humming along, meaning China is probably drawing more than expected from its own oil reserves. He calls that "the largest blind spot to the market's collective statistical model of the oil industry." That leaves the market now guessing "when China's aggressive SPR support will be exhausted or otherwise withdrawn, which would prompt a renewed surge in upward pricing pressure," he said. Read more here. Top tickers These were the top-searched tickers on MarketWatch: Ticker Security name NVDA Nvidia TSLA Tesla MU Micron AMD Advanced Micro Devices TSM Taiwan Semiconductor Manufacturing GME GameStop RKLB Rocket Lab AMZN Amazon AAPL Apple INTC Intel Random reads The world's oldest skywalker. England lose at home to Germany - in cheese rolling. Beyond the news MarketWatch Picks: This is 'the silent killer for retirement portfolios' - and it's wreaking havoc on many retirees right now \-Barbara Kollmeyer This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. (END) Dow Jones Newswires 05-26-26 0814ET Copyright (c) 2026 Dow Jones & Company, Inc. ### Related Stocks - [00857.HK](https://longbridge.com/en/quote/00857.HK.md) - [601857.CN](https://longbridge.com/en/quote/601857.CN.md) - [00386.HK](https://longbridge.com/en/quote/00386.HK.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [TSLA.US](https://longbridge.com/en/quote/TSLA.US.md) - [MU.US](https://longbridge.com/en/quote/MU.US.md) - [AMD.US](https://longbridge.com/en/quote/AMD.US.md) - [TSM.US](https://longbridge.com/en/quote/TSM.US.md) - [GME.US](https://longbridge.com/en/quote/GME.US.md) - [RKLB.US](https://longbridge.com/en/quote/RKLB.US.md) - [AMZN.US](https://longbridge.com/en/quote/AMZN.US.md) - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) - [INTC.US](https://longbridge.com/en/quote/INTC.US.md) - [NVD.DE](https://longbridge.com/en/quote/NVD.DE.md) - [GME+.US](https://longbridge.com/en/quote/GME+.US.md) ## Related News & Research - [Deep under China's coal basins, PetroChina is unlocking gas from rocks](https://longbridge.com/en/news/287138096.md) - [Assessing China Petroleum & Chemical (SEHK:386) Valuation After Recent Share Price Weakness](https://longbridge.com/en/news/287455264.md) - [IRAN GUARDS OFFICIAL: 'LOW' POSSIBILITY OF RENEWED WAR WITH US](https://longbridge.com/en/news/287734101.md) - [SOUTH KOREAN FOREIGN MINISTRY: WE DEMAND THAT IRAN TAKE RESPONSIBLE MEASURES TO PREVENT A REPEAT OF THE ATTACK ON SHIPS NEAR THE STRAIT OF HORMUZ](https://longbridge.com/en/news/287740618.md) - [Iran president ends Internet blackout, orders access to be restored](https://longbridge.com/en/news/287680525.md)