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Chinese Buying Fuels Oil Price Gains

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Brent topped $81 per barrel for the first time in almost three months on surging Chinese crude imports. Official data show imports hitting 12.72 million barrels per day in June — the second highest on record, according to Energy Intelligence data going back to 2007, and a multiyear high. Imports were up 560,000 b/d on already strong May volumes and 3.97 million b/d higher than June last year when China still had widespread Covid-19 countermeasures in place. China's aviation recovery still has some way to go with a strong domestic air market held back by a lack of international flights.

Jet Fuel, Crude Oil, Oil Spot Markets
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