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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.
OIL
China’s onshore crude oil stockpiles hit a two-year high in May of 966mbbl before easing back to 963mbbl in June according to Kpler. Inventories were above the five year average of 858mbbl as demand fell short of expectations amid a disappointing economic recovery.
- Stocks have built this year as refiners boosted imports on optimism a strong rebound in demand, but consumption has stagnated at the same time as spring maintenance.
- Inventory capacity grew to 1.63bn barrels in June from 1.55bn barrels last year according to Kpler due to new refining capacity and storage facilities.
- Onshore inventories are the highest since December 2020 at 960mbbl according to Vortexa as a customs probe in Shandong has also kept oil from clearing storage.
- A seasonal decline in crude imports could lead to a stockpile draw of 20mbbls between June and August before purchases strengthen again in September according to Energy Aspects.
Source: Kpler / 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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