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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's independent refineries in Shandong province are keen to embrace Russian crude not just in abundance but also variety, with five cargoes totaling 4.43mn barrels of crude arriving from Russia’s Arctic region at Shandong ports by end-Feb, trading sources told S&P.
- This marks the first arrival of light sweet Russian Artic Crude grades into China this year.
- Two cargoes discharged at Qingdao and Rizhao ports earlier this month, while the remaining tankers are expected to arrive in the coming days, trade sources said.
- The Shandong refining sector typically heavily favors Far East Russian ESPO Blend crude but the shipments of Arctic Russian grades signal its feedstock versatility and flexibility.
- The two Russian Arctic crude grades are at least $2/b cheaper than ESPO, making it attractive to independent refineries, a source said.
- In January, the independent refining sector took record 1.04mbpd of crude from Russia, with shipments of ESPO crude reaching a record monthly high 780kbpd.
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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