Will China drain their SPR now WTI > $80?I have heard a number of analysts say, mostly around 4 - 6 weeks ago, that China will cap prices by using their SPR once Brent is above $85.
I don't see the logic in this if the Chinese calculate that prices over $85 are sustainable. I'm not sure they would want to dump cheap oil into a rising market. More so than the USA the Chinese SPR is more critical due to lack of safe domestic supply.
Just another thing to watch. Oil narratives change week by week.