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OIL
An increase in Russian ESPO purchases by Indian refiners resulted in tighter crude supplies in China’s Shandong Province with a 40% drop in ESPO supplies to Shandong, forcing the smaller teapot refiners to look for alternative feedstocks.
- China’s seaborne crude imports were down 10% from March to just under 10mbd in April as more refiners started turnarounds and as customs inspections on crude imports delayed discharges according to Vortexa.
- Russia remained as the top crude supplier to China with 1.3mbd of seaborne crude in April.
- Some bigger independent refiners outside the Shandong Province increased discounted Russian crude to boost refining margins. State-owned refiners had increased Russian crude supplies in recent months.
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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