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China's Refiners Increase Cargoes from US Gulf Coast in March

OIL

An increase in the supply of US crude cargoes to China’s refineries further reflects the demand recovery in China. Indicators are suggesting an increase in travel and refiners have increased volumes of crude from the Middle East and raised run rates.

  • Companies including state-owned Unipec and PetroChina have hired at least 10 supertankers carrying up to 20mbbls of crude from the US Gulf Coast in March according to Bloomberg sources.
  • Data suggests 14 VLCCs from the US Gulf Coast to China in March and double the number compared to previous years according to Kpler.
  • “Chinese buying activity of US barrels seems to be the hottest activity right now,” said Viktor Katona at Kpler. He added China is taking advantage of a “remarkable, profitable arbitrage” with US crude under pressure the SPR release this year and with lower freight rates.
USEnergy BulletsCommodities
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