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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
Chinese crude oil imports in May rose to 51.44mn tonnes, or 12.11mbpd, up by 12.2% year on year, data from the General Administration of Customs showed.
- May crude oil imports marked the third-highest month on record and were up by 17.4% from April levels.
- Importers increased in May as refiners raised production after April maintenance and built inventories.
- In addition, PetroChina’s 400kbpd complex in Guangdong province started commercial operations late last month, the firm said.
- “Crude oil inventories in China have surged to 46.1 days of forward cover, up from 44.9 in December 2022,” JPMorgan analysts said in a note.
- Purchases in the coming months are set to be lower than previously expected as refiners trim their stockpiles, Jianan Sun, an analyst with Energy Aspects, said.
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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