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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 PRODUCTS
China’s smaller teapot refiners have been increasing their appetite for fuel oil purchases to feed their plants.
- Bitumen mixtures to the region have been hit by customs recently. Customs in Shandong province started conducting quality checks on bitumen mixture last month that has crimped flows into the region.
- Refiners there are experienced at using fuel oil and bitumen mixtures as feedstock rather than crude.
- The current crackdown may force the refiners into buying expensive prompt cargoes of fuel oil or even lead to processing cuts.
- Fuel oil flows discharged at ports in Shandong and Tianjin — another key region for nation’s teapots — were at a record 2 million tons last month, according to OilChem.
- Imports of bitumen mixture were at 500,000 tons, the lowest level since May 2020, it added.
- The bitumen mixture label for a cargo has often been used to mask the origin of crude, which may be why the cargoes are being scrutinised heavily.
source: Bloomberg
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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