PremiumGoldman Pours Cold Water On China Oil Buying Spree: Beijing Is Just Pickier, Not Hungrier
Earlier this month, while everyone was still glued to tanker trackers in the Strait of Hormuz, we pointed out that something far more interesting was happening a few thousand miles to the east: Shanghai crude futures had exploded above $100/bbl and were trading at a hefty premium to Brent (a spread that in late April had been as negative as -$20), a clear sign that Chinese oil demand, which had conveniently evaporated during the "actively kinetic" phase of the Iran war, was suddenly back. Brent, we said, was set to follow.
