Long Aug/Sep 380
China’s average daily oil refining throughput slowed in June, a third month of declines, after more domestic plants shut their operations for maintenance. The Asian nation processed 58.32 million tons of crude last month, 4.3% lower than a year earlier. This indicates that less refined products will be in the market in the near term and we believe that this will have a bullish effect on prompt prices. Alongside this, Aug/Sep market positioning is 68% long with RSI Trading in oversold areas supports our bullish view.
