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OIL
China has purchased up to 4m bbl of North Sea Forties grade crude for export in October, according to Bloomberg, as it seeks to replace supply cuts from Saudi Arabia and Russia.
- There are currently two tankers, the Maran Dione and the Nissos Despotiko, set to load forties in Hound Point, Scotland before heading to China, Bloomberg said. Each vessel can carry up to 2m bbl.
- This would mark the largest flow of forties into China since June and would represent around 70% of the grades’ exports in October.
- Unipec, the trading arm of Chinese oil major Sinopec, has been actively bidding for North Sea grades in the Platts Market on Close process since late September. They also bought four cargoes of WTI via the MOC on Oct. 2 alone.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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