China’s Top Traders Set Oil Markets Spinning in Middle East Play

(Bloomberg) — Two giants in China’s oil and refining sector took the biggest opposing positions in Middle East crude trading in years, transforming global cargo flows and puzzling oil traders the world over.

Throughout this month, Dubai crude has fluctuated widely, largely due to aggressive bidding and offering from the trading units of Chinese oil refiners, PetroChina Co. and Sinopec. They’re the nation’s biggest oil company and its top refiner. This has only intensified over time, overshadowing other players.