Commodities
Crude Oil Prices Soar as China Halts Fuel Exports
China's refiners have stopped selling fuel abroad until Beijing says otherwise. This has led to a shortage of diesel, gasoline, and jet fuel in Asia, causing prices to surge.
The halt on fuel exports is due to low domestic fuel stocks in China. Rebuilding these stocks requires more Crude Oil, which is driving up demand for the commodity.
In the US, distillate stocks have fallen 2.3 million barrels, leaving refiners short of fuel to sell rather than barrels to run.