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The Day-to-Day Market for Physical Oil Cargoes Is Booming
The world’s physical oil market is running hot, offering a boost to bulls. Prices for cargoes reaching oil refineries in Asia in two or three months’ time have been rallying strongly all over the world so far this year. The time lag between when those shipments are purchased and when they’ll reach the world’s top importing region means the traders are effectively having to take a view on how the current omicron outbreak will play out, especially in China. Their upbeat outlook is further underpinned by the fact that two further demand headwinds -- the Winter Olympics in Beijing and the Chinese New Year -- will ... (full story)