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Asian Refiners Cutting CPC Purchases: Bloomberg

OIL

Asian refiners have purchased fewer cargoes of CPC blend in December and have yet to make any purchases in January, according to Bloomberg.

  • Demand for CPC is weak due to cheaper alternatives, traders told Bloomberg. These include Murban and WTI. Narrowing refining margins have also hampered Chinese buying appetite.
  • In December, Asian refiners have only purchased 6-7 Suezmax cargoes of CPC, compared to the normal level of 10-11 cargoes.
  • Of the total, four were purchased by South Korean refiners. Indian refiners bought one cargo and Chinese refineres have acquired 1-2.
  • CPC is a Kazakh origin light sweet grade. Loadings in December are estimated at 1.4-1.5m b/d, according to Bloomberg.
Energy BulletsCommodities
Energy BulletsCommodities

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