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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
Asia’s crude stock draws are slowing, while Europe sees some rebuilding – partially facilitated by refinery maintenance according to Vortexa.
- European spring refinery maintenance is estimated to peak in April with 1.2mbpd of refining capacity offline according to Kpler. IIR Energy placed maintenance significantly higher at a peak of 1.7mn bpd in April.
- Bloomberg placed offline CDU capacity in Europe at a peak of 900kbpd in April and FCC at 150kbpd.
- Bearish margins have dented Shandong teapots’ heavy feedstock demand, buoying Singapore’s floating storage inventories.
- China’s state and independent refiners cut run rates in the week to April 18 to 77.82%, the lowest level since February 29, according to OilChem.
- Refinery runs at Chinese teapots in Shandong province increased to 54.76% of capacity and the highest since February 23.
- State-owned refiners in China will reduce processing volumes about 2.4% on the month to 41.38m mt in April, according to OilChem earlier this month.
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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