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China's state-run CNOOC booked about 50,000 tonnes of diesel for early November delivery, a rare import purchase. Domestic refinery throughput cuts since June tightened supply, and wholesale diesel prices have risen nearly 60% since September.
China turning to diesel imports signals tight Asian refined fuel supply and higher energy costs. This could support crude and diesel prices and add to freight and processing costs for feed.
reuters.comOct 22, 2021After 26 past bullish trade events, ULSD / Diesel moved a median -1.9% over 5 sessions (31% higher; middle half -5.6% to +1.6%), and -4.8% over 20.
After 16 past bullish trade events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (81% higher; middle half +0.5% to +4.8%), and +5.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
