China is buying crude oil that would normally go to Europe, where oil traders are still adjusting to the phase out of Russian oil. China bought 5 million barrels of mostly Kazakh crude oil, all of which a week ago was expected to go to Europe where crude demand is growing as the economy is doing better than expected.
As China recovers from covid lock-down and sickness, Chinese demand for crude will grow, especially after China’s Lunar New Year at the end of January.
West African oil traders said they expected more demand from China, but have not seen it yet.
Based in La Jolla, California, Silvergate Capital was the leading provider financial infrastructure solutions and services for the growing digital currency industry.
Silvergate has had to liquidate billions worth of its assets to cover $8.1 billion in depositor withdrawals since the FTX crypto currency collapse. The value of Silvergate shares was $107+ in August, it closed Friday at $12.24. It is the first big bank to face severe financial problems due the crypto currency problems. Genesis Global Capital appears to be #2.