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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 PRODUCTS
The price difference between China’s bonded bunker LFSO and HSFO fell to $50/mt as of June 25, hitting a four-year low according to OilChem.
- China has released two batched of LSFO export quotas of 12m mt so far in 2024, up 1m mt, or 0.1% on the year.
- Furthermore, PetroChina, Sinopec, and CNOOC, China’s main state-run refiners, boosted production of LSFO in H1 2024 on modest processing profits.
- China’s LSFO production hit 6.32m mt in Jan-May, up 8.5% on the year.
- Demand for LSFO has been sluggish as its cost performance was poorer than HSFO and some ship owners have chosen to fuel up in Singapore.
- China’s bonded LSFO consumption stood at 6.64m mt in Jan-May, up just 2% on the year.
- As of HSFO, the supply tightened in China since Middle East refineries reduced the exports of HSFO to Asian markets.
- China’s HSFO consumption totalled 1.43m mt in Jan-May, up 20% on the year.
Source: OilChem
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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