MNI China Daily Summary: Wednesday, June 19

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Asia’s CPC Demand Blunted by Poor Refining Margins

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Asia, excluding India, bought just one cargo of CPC blend for June loading, according to Bloomberg.

  • The reason for the weak demand was poor refining margins for light grades in Asia, Bloomberg said.
  • The Hengyi refinery in Brunei bought one cargo of around 135k b/d of CPC for June loading.
  • This is down from three cargoes purchased in April, and five in March.
  • Prices of WTI and Murban remain competitive in Aisa, further pressuring CPC demand in the region.
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Asia, excluding India, bought just one cargo of CPC blend for June loading, according to Bloomberg.

  • The reason for the weak demand was poor refining margins for light grades in Asia, Bloomberg said.
  • The Hengyi refinery in Brunei bought one cargo of around 135k b/d of CPC for June loading.
  • This is down from three cargoes purchased in April, and five in March.
  • Prices of WTI and Murban remain competitive in Aisa, further pressuring CPC demand in the region.