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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (18754)	6/7/2016 3:57:25 PM
From: Goose94	Read Replies (1) \| Respond to of 203382

Crude oil: China stockpiling oil. China continues to snatch up oil cargoes to fill its strategic petroleum reserve, which is helping to push up tanker rates. Reuters says China will add 70 to 90 million barrels of oil to its SPR in 2016, adding some demand to global crude oil markets and also helping to keep tanker rates elevated. Tanker rates hit record highs late last year at over $110,000 per day and China’s recent oil purchases have kept tanker rates above $60,000 recently. Tanker congestion at several Asian ports, including Shanghai, is also putting upward pressure on day rates.