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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
China’s imports of Iranian crude/condensate into Shandong are on track for a new high in October as refiners anticipate strong teapot demand according to Vortexa figures. It comes as availability of other sanctioned grades from Russia and Venezuela tighten.
- Shandong has pulled in ~1.4mn bpd of Iranian volumes October 1-22 – which appears to be heading into commercial storage in South and East China awaiting teapot draws.
- Vortexa said that satellite imagery October 24 shows a ready fleet of VLCCs, Suezmax and Aframax tankers ready to defy Western sanctions and keep shifting Iranian barrels.
- Fears around US sanctions ramping up against Iranian barrels in retaliation for Hamas attacks in Israel/Hezbollah support priced in a premium in oil in recent weeks that has largely come off as diplomacy takes hold to deescalate the situation.
source: Vortexa
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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