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OIL: Iranian Crude Oil Offers Levels to China’s Teapots Rise: Platts

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Iranian crude offer levels for China’s teapots have been rising in November as suppliers and shipowners are wary of tightening sanctions under the incoming Trump administration, Platts said.

  • Iranian Light deals were concluded at discounts of around $2.0-$2.5/b to ICE Brent on a DES Shandong basis, compared to $3.0-$2.5/b two weeks prior,
  • With US sanctions on Iran expected to tighten, fewer Iranian suppliers are offering cargoes; it is harder for them to acquire volumes because of enhanced restrictions, a source told Platts.
  • Shipowners are also more averse to moving Iranian volumes.
  • A second source told Platts that Iranian arrivals in November were expected around 1.3m b/d. This compares to 1.55m b/d in October.
  • Average refining margins for processing imported crudes in Shandong rose 26.7% on the week to $4.33/b Nov. 21. CDU utilisation at Shandong Teapots was 52.2%.

 

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Iranian crude offer levels for China’s teapots have been rising in November as suppliers and shipowners are wary of tightening sanctions under the incoming Trump administration, Platts said.

  • Iranian Light deals were concluded at discounts of around $2.0-$2.5/b to ICE Brent on a DES Shandong basis, compared to $3.0-$2.5/b two weeks prior,
  • With US sanctions on Iran expected to tighten, fewer Iranian suppliers are offering cargoes; it is harder for them to acquire volumes because of enhanced restrictions, a source told Platts.
  • Shipowners are also more averse to moving Iranian volumes.
  • A second source told Platts that Iranian arrivals in November were expected around 1.3m b/d. This compares to 1.55m b/d in October.
  • Average refining margins for processing imported crudes in Shandong rose 26.7% on the week to $4.33/b Nov. 21. CDU utilisation at Shandong Teapots was 52.2%.

 

Keep reading...Show less