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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
Independent refiners in China are on track for the lowest volume of Russian ESPO crude since May 2021, according to Bloomberg based on Kpler data.
- June arrivals purchased so far this month are just 12mbbls but could still increase with the trading cycle open for around another week.
- The decline in purchases comes amid lower refining margins and with cheaper prices for alternative grades.
- The ESPO discount was offered at less than $1/bbl compared to some oil grades from Iran and Venezuela at discounts of $6/bbl, according to Bloomberg sources.
- Some Russian cargoes for April and May arrival have gone unsold, said traders.
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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