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OIL
Shandong teapot refiners have opted to pull feedstock from commercial storages near their facilities rather than target seaborne volumes – a trend growing since mid-December.
- The withdrawal rate has surged to over 230kbd since mid-December, up from just 100kbd in the preceding 15 weeks according to Vortexa.
- China teapots have faced narrowing discounts for preferred crude grades (Russian, Iranian & Venezuelan), coupled with soft domestic demand, particularly for diesel and bitumen.
- Intra-China flows of crude/HSFO in storage from further away towards Shandong have dropped off considerably over the last year with refiners instead tapping into nearby storage.
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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