Chinese Refiners Scramble for Oil as Russian Sanctions Bite

For much of the past year, oil traders were desperate to find a bullish thesis. Now, in the span of just a few weeks, they have two. On one hand, amid mounting fears of a supply and inventory glut, Biden's parting gift of accelerated sanctions against Russian oil exporters and tankers appears to have promptly removed as much as 1.5 million barrels in daily supply, and pushed oil prices to a 5 month high. But while Russian supply is set to shrink materially for the next few months, US demand is about to surge. That's because President Donald Trump…Weiter zum vollständigen Artikel bei OilPrice.com Weiter zum vollständigen Artikel bei OilPrice.com