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Two Russian Sokol Oil Cargoes Arrive in China

OIL

China bought two cargoes of Russian Sokol crude this week, slightly reducing the crude surplus in the Pacific after sanctions deterred Indian buyers, according to XM citing Reuters.

  • Two tankers, Viktor Titov and Victor Konetsky, carrying 0.6m bbl of Sokol each, arrived in Tianjin and Shandong on Feb. 5 and Feb. 6 respectively.
  • Reuters said that the cargoes were traded at around a $1/b discount to Dated Brent on a DES basis. This is at a significant discount to the market level: Sokol was previously at a premium to Brent.
  • Over 10m bbl of Sokol cargoes are floating on vessels as traders wait to see whether Russia can circumvent the sanctions.
  • The build up is the result of Indian and Chinese traders refraining from lifting volumes amid banking issues due to sanctions.
  • One Aframax cargo, the Rani, is headed to India, with the buyer unclear.
Energy BulletsCommodities
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