Chinese Refiners Scramble for Oil as Russian Sanctions Bite

For much of the past year, oil traders were desperate to find a bullish thesis. Now, in the span of just a few weeks, they have two. On one hand, amid mounting fears of a supply and inventory glut, Biden's parting gift of accelerated sanctions against Russian oil exporters and tankers appears to have promptly removed as much as 1.

5 million barrels in daily supply, and pushed oil prices to a 5 month high. But while Russian supply is set to shrink materially for the next few months, US demand is about to surge. That's because President Donald Trump…