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Tracy Shuchart, independent trader and strategist, reports that Japanese refiner Idemitsu Kosan has acquired around 4 million barrels of U.S. crude oil for August delivery.
This brings Japan’s total crude purchases for August to 12 million barrels, following earlier acquisitions by Eneos, Cosmo, and Taiyo Oil.
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Shuchart has previously reported that energy and materials stocks are positioned to drive S&P 500 profit growth over AI industry leaders, according to her recent analysis. She also noted that a two week hold in oil markets did not resolve underlying supply issues in her March 30 commentary. Her commentary continues to track developments in the energy sector.