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OIL: Chinese Refiners Facing Narrower Iranian Discounts

OIL
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Private refiners in China are facing narrower discounts on Iranian oil because of the recent heightened tensions with Israel. 

  • Teapots received offers for Iranian Light and Iranian Heavy crudes at $1/bbl more than in previous months according to Bloomberg sources.
  • In recent cases, Iranian Light and Iranian Heavy have been offered at discounts of about $3.50 and $7.50 a barrel to ICE Brent, respectively Bloomberg reported.
  • Platts sources reported earlier this week that the discount for Iranian Light narrowed to $3.5/b against ICE Brent crude futures on a DES Shandong basis as of Oct. 9 from about $4-4.5/b in late September.
  • Iranian Heavy was also talked at thinner discounts of around $6.5-7.5/b on the same basis, contracting from $7.5-8/b in late September, they said.
  • Although vessel tracking recorded a lack of Iranian cargoes late last week, TankerTrackers reported on Monday, a combined of 4.7-4.9 million barrels of Iranian crude oil was loading as tensions show signs of easing this week.
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Private refiners in China are facing narrower discounts on Iranian oil because of the recent heightened tensions with Israel. 

  • Teapots received offers for Iranian Light and Iranian Heavy crudes at $1/bbl more than in previous months according to Bloomberg sources.
  • In recent cases, Iranian Light and Iranian Heavy have been offered at discounts of about $3.50 and $7.50 a barrel to ICE Brent, respectively Bloomberg reported.
  • Platts sources reported earlier this week that the discount for Iranian Light narrowed to $3.5/b against ICE Brent crude futures on a DES Shandong basis as of Oct. 9 from about $4-4.5/b in late September.
  • Iranian Heavy was also talked at thinner discounts of around $6.5-7.5/b on the same basis, contracting from $7.5-8/b in late September, they said.
  • Although vessel tracking recorded a lack of Iranian cargoes late last week, TankerTrackers reported on Monday, a combined of 4.7-4.9 million barrels of Iranian crude oil was loading as tensions show signs of easing this week.