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Russian ESPO Crude Discount for Chinese Refiners Narrows


The Russian ESPO crude discount for Chinese refiners has narrowed from last month.

  • Chinese teapot refiners have purchased several cargoes of ESPO crude for August on a delivered basis to Shandong at a discount of $4-$4.50/bbl to the ICE Brent price according to Bloomberg sources.
  • The discount compares to shipments for July traded at around a $5-$6/bbl discount to ICE Brent on a delivered basis.
  • June total imported feedstock oil arriving via ports in Shandong & Tianjin increased 13.06%MoM to 12.26mt according to OilChem. Crude oil was up 15.67% MoM to 10.33mt while feedstock grade fuel oil was down 5.49% MoM at 1.28mt.

Source: OilChem

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