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Crude Is Getting Slammed After China Headlines

WTI crude is suddenly tumbling. While it's unclear of the specific catalyst (storms outweighing most other events), desk chatter suggests it is due to a story in The FT that China is striving to reduce capacity of its 'teapot' oil refineries – thus cutting demand notably. Beijing’s push to use crude import quotas and licences […]

RBOB Gasoline Spikes To 25-Month Highs As Harvey Curbs Output

Front-month (Sept) RBOB Gasoline futures traded as high as $1.90 this morning – the highest since July 2015 – as more refiners (including America's largest) shutdown output due to Harvey's impact. As Bloomberg reports, America’s largest oil refinery is joining the spate of shut-downs in the face of Tropical Storm Harvey’s apocalyptic rains, potentially reducing […]

Big Red Flag For Crude Bulls: Chinese Oil Refining Tumbles Most In Three Years As Fuel Demand Slides

Slowly but surely, what we have claimed for the past year – that it is the demand side of the oil equation, not the supply, and especially the “Chinese wildcard” that is the critical factor in setting prices – is starting to emerge and be factored in by markets. And so, just days after we […]