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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 crude import strength remained in June despite signs of economic weakness as China has bolstered its domestic crude stockpiles.
- China pulled in around 12.5mn bpd of crude in June, the third highest on record according to Refinitiv.
- Imports were up 6.2% to the equivalent of 11.13 million bpd in the first five months of 2023 from the same period last year, according to official customs data.
- China has been boosting inventories so far in 2023, with an estimated 730,000 bpd added in the first five months, with a massive 1.77 million bpd being added in May according to Refinitiv.
- The stockpiles give Chinese refiners options if crude markets begin to tighten. Imports have shown that Chinese refiners are still motivated to buy at sub $80/bbl crude.
- Vortexa also observed Chinese stock builds on what is has recorded as the second highest month of imports on its records in June (see chart).
- Shandong crude imports rebounded as authorities reallowed Venezuelan crude oil to be imported as diluted bitumen which helped to support the rebound.
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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