Despite this news coming out of China, oil charts are still very bullish:
https://twitter.com/peregreine/status/1526509466685947904
@peregreine
1) $WTIC Light crude oil
BEIJING : China processed 11 per cent less crude oil in April than a year earlier, with daily throughput falling to the lowest since March 2020 as refiners slashed operations on weaker demand due to widespread COVID-19 lockdowns.
https://twitter.com/peregreine/status/1526509471043923972
$WTIC daily, weekly, and monthly charts + + +
https://www.channelnewsasia.com/business/chinas-april-oil-re…
With tight lockdowns that first centred in the financial hub of Shanghai before spreading across the nation, China’s demand for refined oil products has been falling, with gasoline and aviation fuel the worst hit.
To counter slowing fuel sales and bulging inventories, state refiner Sinopec began reducing operations since the second half of March to around 86 per cent of capacity, down from 92.5 per cent earlier in the year.
Independent plants, concentrated in the eastern province of Shandong, were operating at less than half their capacity last month with many running at their lowest levels since 2016.