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OIL: China ESPO Purchases on Track for Decline in June

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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.

 

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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.

 

Keep reading...Show less