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OIL
China's independent refiners increase feedstock imports 11.7% year on year in December, to the highest in 29 months.
- The increase came as buyers used crude import quotas and stockpiled cargoes ahead of Lunar New Year holidays but could dip again in January due to the holiday period.
- December feedstock imports rose for the third month to 19.12m mt (4.52mb/d) according to S&P Global.
- ESPO remained one of the main feedstocks despite the price cap on Russian crudes coming into effect on 5 Dec.
- The combined feedstock import volume was only 3.5% lower from the record high of 19.8m mt in July 2020, when low crude price boosted volumes.
- Crude imports in December reached a 23-month high of 16.52m mt with refiners encouraged to use 2022 quotas in a bid to stimulate economic activity.
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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