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REFINING
Shandong teapot refiners continued to experience weak domestic demand in June according to Vortexa, limiting ESPO imports according to Vortexa.
- Many teapots remained offline or ran at low rates after completing maintenance because of weak margins.
- ESPO crude imports into Shandong and Jiangsu came at only 270kbd in June, the lowest since May 2021.
- Some cargoes diverted to Indian buyers, although Chinese oil majors showed continuous support.
Source: Vortexa
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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