Shanghai crude settles at record 900.7 yuan a barrel as China's premium to WTI widens to $30

Shanghai crude futures settled at a record 900.7 yuan a barrel, with WTI at $104.52, leaving China paying about $30 a barrel more than the US. Analyst Daniel Lacalle notes the spread was $5 in 2024 and $18 in March, attributing it to China losing discounted oil from Venezuela and Iran.

Detected & updated continuously · Source: Nebula