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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
China boosted inventories of crude in Jan-Feb – a move that gives them options to trim imports in the months ahead according to Reuters calculations.
- The estimate is made by deducting the amount of crude processed from the total of crude available from imports and domestic output.
- The total volume of crude available in the first two months was 15.02 million bpd, comprising 10.74 million bpd of imports and 4.27 million bpd of domestic production.
- Refineries processed 14.45 million bpd in the January-February period, leaving a surplus of 570,000 bpd available for commercial or strategic storages based on the Reuters calculations.
- The recent pattern of China's crude imports and stockpiling suggest that refiners have become more price-sensitive buyers and more willing to dip into or add to inventories in an effort to smooth out the impact of any move higher in oil prices.
- Vortexa figures show record volumes of Russian Sokol heading to China this month, a multi month increase in Iranian flows while a return of Venezuelan sanctions will likely push discounted barrels back towards China again.
Source: Reuters
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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