US Selling, China Buying: Return of Contango

Author: Brynne Kelly 11/27/2022

The US continues to take steps to downsize its oil supply, while deferring on the SPR restocking many think will come. China, a key to the demand side, continues to struggle to get out of Covid lockdowns despite hopes to the contrary. Thus, prices took a dive last week. That is not new. So what happened?

There were a couple…