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Refiners in China and India Increase Russian ESPO Interest

OIL

Competition to purchase Russian ESPO has increased in April with renewed interest from refiners in China and India according to Bloomberg sources.

  • Sinopec and PetroChina and some Indian refiners have resumed interest in ESPO loadings from the Far East for delivery in April after pausing purchases due to concern for the impact of Russian sanctions on shipping availability and the ability to make payments.
  • Independent refiners have dominated the ESPO trade since the start of Russian crude sanctions at the start of December. ESPO is popular with China’s independent refiners due to the high diesel yield and short shipping distance.
  • Unipec, the trading arm of Sinopec, bought between three and five cargoes, while Indian refiners bought up to eight cargoes. The ESPO discount to Brent was about 7$/bbl this week on a delivered basis into China up from last month when the discount was about 8$/bbl.
Energy BulletsCommodities
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