Evolving factors that affected crude oil price this week - and their short-term influence

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In the absence of a noticeable response to the rising US crude oil inventories, analysts are still keen on the developments in the Chinese energy markets, when the OPEC+ decision did not increase the price of the commodity by a big margin.

China’s success in dealing with the coal crisis, coupled with its deal with the US companies to import LNG in a 20-year deal, was a significant development this week. It came about at a time the former increased its LNG import from the US by a staggering 365% in the past few months – at the expense of its former seller, Australia.

The other emerging factor was the news about the revival of the JCPOA. Since there has been a few false dawns with the arrival of the new administration of President Raisi, analysts do not pin their hopes on any tangible outcome in the current circumstances; the US and Iran are still at a diplomatic war of words.

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All irrelevant except the war between ex President Hu and President Xi. Hu controls the security state and is 95 YO, Hu controls the military.  If these two go at it before the next Party congress in 2022 all bets on the economy and everything else will be off.