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China has halted fuel exports with no stated end date, and PetroChina has scrapped October gasoline and jet fuel cargoes. With domestic inventories at multi-year lows, the move could tighten the already strained global fuel market.
The shortage pushing Crude Oil higher on Thursday is in diesel, gasoline and jet fuel, not in the barrels refiners buy to make them. Crude Oil has turned an early loss into a rally to near $91.50 since reports that China
Chinese commercial diesel and gasoil stocks sit about 20 million barrels short of pre-war levels