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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Jacob Snyder who wrote (202313)9/28/2021 4:05:24 AM
From: elmatador1 Recommendation

Recommended By
Jacob Snyder

   of 206094
 
Last year China stored oil when it was dirty cheap. Right after Covid hit April-Sept. 2020.
Private tank farm operators, refiners and traders pumped an extra 310-600 million barrels of oil into storage in China this year, (2020) according to a survey of five analysts, more than a month’s usage in the world’s second-largest oil consumer.


The buying helped prop up global oil markets as the coronavirus slashed demand, and delivered big profits for operators, traders and refiners who were able to stock up cheaply. While oil prices have partly recovered, they remain below historical levels.





Private refiners and storage operators will put about another 100 million barrels of new tanks to use in 2021, according to interviews with six top storage operators and data from company and Chinese media reports.


https://www.reuters.com/article/us-china-oil-stockpiles-idUKKBN27Y0A2


In short:
The Chinese loaded up with cargoes of cheap oil.
Now the rake in the cash.



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