OilPrice.com: Chinese Refiners Rush To Stock Up On Crude Oil
Chinese refiners have increased their crude oil purchases ahead of the year’s end as they see higher fuel exports in the final months of the year.
According to Bloomberg, Chinese companies have bought at least 10 million barrels of crude over the past week, mostly from the Middle East, West Africa, and Brazil, signaling the demand situation has changed for the better.
One of the main reasons for this demand optimism is the global diesel shortage. A decline in global refining capacity, especially in Europe and the United States has curbed the supply of the fuel that is essential for every economy and now there are warning signals flashing on both sides of the Atlantic.
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Update: China Goes On Crude Buying Spree After OPEC+ Cuts (Zero Hedge)
WNU Editor: While the US is emptying out its strategic oil reserve, the Chinese are stocking up with the expectation that the price of oil is going skyward in the coming weeks.
OPEC+ cutting oil production. EU ban on Russian oil starting in December. The signs are all there for $100 USD/barrel and more in 2023.
Update #2: This top US banker is right .... Jamie Dimon Says “We are getting energy completely wrong” and He's Right (Mish Talk).
Update #3: US Diesel supplies continue to fall, and prices continue to climb .... Gas prices down again, diesel higher (DRGNews). Pray for warm weather.
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