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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
Chinese refiners are pulling in more Russian Sokol barrels, as Indian buyers reduce intake over sanction fears and pricing according to Bloomberg.
- Mostly private Chinese refiners pulled in 168,000 bpd of Sokol this month – triple the rate of January and well ahead of 53,000bpd in 2023 according to Kpler.
- Indian flows came in at 119,000 bpd this month after no flows arrived in Dec-Jan.
- The Chinese refiners bought their February-delivery Sokol cargoes at discounts of about 50 cents a barrel to ICE Brent benchmarks according to Bloomberg sources.
- The grade has grown in interest for private refiners because of the discount being offered for it vs ESPO.
- Nearly 15 million barrels of Sokol meant for delivery to India are at present on tankers idling off the coasts of Malaysia and South Korea due to reported pricing and sanction concerns.
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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