Chinese financial investors betting on a rebound in oil prices are filling commercial storage tanks held by the Shanghai futures exchange just as fast as the exchange can find them. The flood of purchases has come from companies little-known to the oil industry which have been bidding up Shanghai futures, China’s only oil futures contract, since early April when global oil prices slumped as COVID-19 hammered demand. “We call them ‘hermit’ investors,” said a state oil official whose firm recently delivered cargoes into the contract. …read more
Source:: Yahoo Finance
