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OIL
Feedstock imports for crude, bitumen mix and fuel oil to China’s independent refineries in Jan fell to the lowest since June 2022 according to tanker-tracking data by OilChem.
- Port arrivals into Shandong and Tianjin fell 20% month on month and year on year to 7.65m tonnes in January.
- Crude oil imports fell 8% m/m to 6.31m tonnes while bitumen mix fell nearly 20% to 783k tonnes and fuel oil dropped 66.35% to 559k tonnes.
- Arrivals fell as steeply rising premiums, insufficient sources and lower refining margins are discouraging higher runs.
- Feedstock imports are expected to remain low during the Chinese New Year holidays.
Source: OilChem
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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