Veren Inc T.VRN

Why does china reopening affect oil price at all?

[soundandfury]

Somebody call me stupid but i do not see how china affects wti price or brent price anymore........this is because china will not use commodity exchanges in usa or london to transact its crude purchases........more likely that the price china pays for its oil will be a closely guarded secret. Much like america is trying to use fixed price contracts to refill its spr........these contracts are done privately between usa treasury and big oil companies who must first supply a letter of credit to verify they even have access to that much oil in first place..........my point is that the futures market is 97% speculators who never actually have any oil in their possesion.............imo this begs the question ?  Is the current way oil  price is determined on commodity exchanges even relevent in todays world?

[dandu1924]

This is the big problem now, the stock market began to be just pure speculation and manipulation, almost like the horse racing was before and  now this over, so the stock market will know probably the same pattern in fews years, I mean nobody will be interested to put his money in the stock market except the dark market, very sad to see that.

[JamesT]

This is also where the opportunity lies. Fundamentals should win out in the end.