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OIL
Chinese seaborne crude imports rebounded slightly above the 10mn bpd mark in December, narrowly higher than November’s pace according to Vortexa.
- The continuous draws in China’s onshore crude inventories since late August slowed down in December it added. End of Dec stocks were flat vs a month prior due to a China refinery slowdown.
- China’s overall crude inventories hover around the 2-year average above 930mb in the week ending Jan 14.
- Oil inventories under the control of Sinopec dipped below 300mb in the same period. If the current rate of drawing stocks continues, Sinopec’s inventories are projected to reach a 2-year low in March, just before the onset of spring refinery maintenance which may boost imports according to Vortexa.
Source: Vortexa
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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