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China’s Independent Refineries’ Jan Crude Imports to Stay Low

OIL

Chinese independent refineries’ crude imports increment in Jan 2024 are likely to be limited as demand has softened and delivered prices rise, sources told Platts.

  • Buying of Russian ESPO – a favourite among the teapots -- has slowed in Dec. DES Shandong trades from Dec. 4-10 were trending towards at flat vs ICE Brent Futures from initially a 20 cent/b premium, sources said.
  • The higher prices have kept some buyers out of the market. "More refiners stayed [on the] sidelines to watch, expecting the price to fall," a Shandong-based refiner said.
  • From Jan-Nov, teapots imported 27.285m mt of ESPO, up 21.8% year on year, Platts said.
  • Independent refineries have started incorporating Brazilian crude into their procurement consideration, Platts added.
  • Offers for Tupi on a DES Shandong basis are slightly above a $2/b premium vs ICE Brent Futures. While pricing higher than ESPO, it can be paid with a letter or credit rather than cash, giving it an advantage.
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