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Asian Physical Crude Showing Strength Amid Chinese Refiner Purchases

OIL

One of China’s largest independent refiners, Rongsheng Petrochemical Co., has bought at least 12mbbls of Middle Eastern crude according to Bloomberg sources.

  • The purchases for August-September delivery include the grades Oman, Upper Zakum and Al-Shaheen.
  • The crude buying was driven by a potential recovery in the downstream market assisted by stimulus measures in China, the ramp-up of a crude unit and petrochemical facilities and cheaper cargoes according to Bloomberg sources.
  • The cargoes are expected to arrive at a time for a seasonal increase in demand.
  • The Asian physical crude market is showing signs of strength with an increase in some Abu Dhabi spot prices and a rising premium of Oman futures to Dubai swaps to the highest in six weeks.
Energy BulletsCommodities
Energy BulletsCommodities

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