Free Trial
JGB TECHS

(H3) Extends Bounce Off Lows

USDCAD TECHS

Pierces The 50-Day EMA

US TSYS

Risk Buoyed Ahead Fed Blackout

NEW ZEALAND

Chris Hipkins Named To Succeed Jacinda Ardern As PM

AUDUSD TECHS

Remains Above Support At The 20-Day EMA

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Chinese Buying Of Russian Oil Slows Down For December

OIL

Chinese refiners are buying less Russian crude for next month, and paying lower premiums, because of uncertainty around the EU/G7 oil price cap, according to Reuters sources.

  • Around five to seven December-loading ESPO Blend cargoes have been sold to Chinese buyers, compared with an average of 30 shipments in the previous months, the sources said.
  • "There are, of course, many concerns and much confusion regarding to the upcoming price cap, but people think the December-arriving cargoes should be safe (to buy)," they added.
  • Deals were last heard at around $1.70 to $1.90/bl above February ICE Brent on a delivered ex-ship (DES) basis, falling from premiums of about $2.70/bl two weeks ago amid slow trade. November premiums were around $2/bl, they added.
121 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

Chinese refiners are buying less Russian crude for next month, and paying lower premiums, because of uncertainty around the EU/G7 oil price cap, according to Reuters sources.

  • Around five to seven December-loading ESPO Blend cargoes have been sold to Chinese buyers, compared with an average of 30 shipments in the previous months, the sources said.
  • "There are, of course, many concerns and much confusion regarding to the upcoming price cap, but people think the December-arriving cargoes should be safe (to buy)," they added.
  • Deals were last heard at around $1.70 to $1.90/bl above February ICE Brent on a delivered ex-ship (DES) basis, falling from premiums of about $2.70/bl two weeks ago amid slow trade. November premiums were around $2/bl, they added.