The Chinese authorities issued a recommendation to energy companies to secure the supply of raw materials at all costs. China's deputy prime minister allegedly said that "power shortages" would not be tolerated. At the same time, China is expecting a harsh winter that could lead to problems regarding energy supplies. Gas prices are rising even faster than in Europe, but this news has a clear impact on oil prices - WTI has broken above the USD 75 level in the last several dozen minutes. US gas prices are not growing dynamically, which may be related to the strong increase in gas inventories.
Oil rebounds sharply! Source: xStation5
