‼️Chinese crude prices are SKYROCKETING: Yuan-priced crude futures in Shanghai surged to 929.4 yuan per barrel, or ~$138.50, the highest level since the contract was launched in 2018. This is a massive ~$30 per barrel premium over Brent crude. The move comes as the shutdown of Saudi Arabia’s East-West pipeline threatens global crude supplies, while attacks and disruptions across the Middle East are pushing up shipping and supply costs. Chinese refiners are also aggressively securing alternative supplies, with purchases of crude from West Africa, Canada and South America surging as access to Iranian and Russian barrels becomes more difficult. This has made Chinese refiners some of the marginal buyers of crude, supporting local prices even as they pay higher premiums and freight costs. China is paying up for oil just as global supply is falling apart.