RE:RE:Bears There are nervous buyers of fuel everywhere for ships,plains, trains , and automobiles. Especially in China. Unlike say USA, China is a huge consumer AND its growing every year. Covid may have caused a slow down in the growth RATE but China grew right threw the covid collapse the rest of us experienced. Just like our supply chain is in stop go stop go , China is vulnerable to fuel shortages. They also have a bazillion $US from trade surpluses they'd like to get out of the vaults. They can't buy up American businesses and real estate due to "national security " concerns from the US government, so they are buying raw materials of every kind they can get their hands on. I noticed they are buying cdn listed gold producers with operating mines outside North America because central banks from USA and Europe won't empty their vaults of gold. So spreading misinformation and negativity about oil and oil producers on the internet is very much beneficial to the Chinese agenda. Pass me a tinfoil hat, I'm starting to believe the Chinese conspiracy theories.
Rational43 wrote: China's move is desperation, as they are running out of Deisel fuel across the country, it has nothing to do with bringing the price down.
It is the most bullish price signal going forward possible, as they will be refilling later, but they don't have enough now to meet demand.
US distillates are in a similar situation, and refiners will be cranking up runs of crude to produce distillates head of winter.