Baytex Energy Corp T.BTE

Rumor is joe😎

[Duster340]

will be working with china to lower the price of oil, joe will ease up on some sanctions in exchange china will stop filling there spr, maybe even draw down there spr.  that will free-up a lot of oil, a big drop coming soon when this rumor gets out.  in a show of good faith china has cancelled its spy ballon program.

China stored massive volume of crude oil in May, giving it options

By Clyde Russell

June 19, 20235:00 AM PDTUpdated 3 months ago

CommentaryBy Clyde Russell

 

Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. REUTERS/Aly Song Acquire Licensing Rights

LAUNCESTON, Australia, June 19 (Reuters) - China added to crude oil stockpiles at the fastest rate in nearly three years in May, as robust imports outweighed near-record refinery processing.

A total of 1.77 million barrels per day (bpd) was added to inventories in May, the most since July 2020 and reversing the small, and rare, draw of 340,000 bpd in April.

When assessing the state of China's oil market, it's common to focus on the level of imports and refinery throughput, and both have been strong in recent months.