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Crude Market Supported By Chinese Crude Purchases

OIL

Signs of Chinese crude purchases and higher import quotas are supporting demand optimism and crude prices with front month Brent holding just positive on the day.

    • Brent MAR 23 up 0.1% at 84.09$/bbl
    • WTI FEB 23 up 0.2% at 78.55$/bbl
    • WTI-Brent up 0.07$/bbl at -5.28$/bbl
    • Brent MAR 23-APR 23 unchanged at -0.16$/bbl
    • Brent JUN 23-DEC 23 up 0.09$/bbl at 2.54$/bbl
  • Earlier this week China issued nearly 112m tons of crude import quotas to refiners and traders in its second allocation for 2023. The quotas were five months ahead of schedule and much larger than usual.
  • A Chinese company purchased 3m-4mbbls of medium sour Mars grade for March-April arrival and another purchased at least 500kbbls of Upper Zakum crude for March loading at premium of 90c/bbl to Dubai according to Bloomberg sources.
  • Sales of West African crude for February loading have increased as Unipec purchased between three and four shipments of West African crude so far this week according to Bloomberg.
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