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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 PRODUCTS
Preliminary Vortexa flows data suggests that China’s fuel oil imports, encompassing bunker fuel and refining feedstock, will surge to a new record of over 500kbd during the period of Dec 1-15.
- Of note, only 200kb are enroute to Shandong despite the new 3mt fuel oil quota to be allowed to use as feedstock.
- Teapots remain constrained by refining margins while factors like a lack of cheap Venezuelan crude due to relaxed sanctions hits feedstock supply.
- Shandong teapot refiners experienced some improvement in refining margins in the latter half of November, thanks to cooling crude prices.
- Refinery CDU utilisation rates among Shandong teapot refiners have remained range-bound between 55-57% since late October, exhibiting a nearly 10% y-o-y decline according to OilChem.
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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