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OIL
December’s arrivals of feedstocks into Ports in Shandong Province and Tianjin rose 1.86% on the month to 9.57m mt, according to OilChem.
- Arrivals of crude oil rose 7.34% on the month to 6.84m mt due to the early issuance of crude import quotas in mid-Dec for several Teapots.
- Fuel oil surged 39.87% to 1.66% mt after the Ministry of Commerce issued a further 3m mt of import quotas for the product in November.
- Bitumen mixture arrivals saw a sharp fall due to abating flows from Venezuela and higher profitability from crude oil. Bitumen mixture arrivals were down to 0.97m mt, a month on month decline of 44.38%.
- The issuance of the second batch of crude quotas in full will likely stimulate buying appetite from the Teapots, OilChem said.
Source: OilChem
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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