Interesting, I'm noticing a difference among my Chinese crude trader friends today. 

My friends at state-owned refineries are relatively calm, while my friends at private refineries are in a deep panic. 

One thing I can say for sure, with or without Russian oil flowing, our Shandong teapot friends are in trouble.

I think their sourcing costs are going to rise. Considering how dependent they are on sanctioned crude oil, it's a real threat to their breakeven.

#oott #com