Now we have enough data to support the view that the jump in China’s imports and the resulting jump in inventories were caused by an opportunistic purchase of Sokol crude. Based on data form Kpler, we calculated that China bought an "additional" 14 mb of Sokol crude that India refused to receive. Now imports and storage changes are back to normal.
Notes:
China’s crude oil imports are increasing, but it remains to be seen if they hit record high in teh next three months
China’s crude oil imports from Saudi Arabia and Iraq are increasing. Watch Aramco’s OSP that will be released tomorrow (May 5)
China’s crude oil imports from Russia has been decreasing in recent weeks, but ESPO crude imports increased.
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China Imported an Additional 14 mb of Russia's Sokol Crude
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Now we have enough data to support the view that the jump in China’s imports and the resulting jump in inventories were caused by an opportunistic purchase of Sokol crude. Based on data form Kpler, we calculated that China bought an "additional" 14 mb of Sokol crude that India refused to receive. Now imports and storage changes are back to normal.
Notes:
China’s crude oil imports are increasing, but it remains to be seen if they hit record high in teh next three months
China’s crude oil imports from Saudi Arabia and Iraq are increasing. Watch Aramco’s OSP that will be released tomorrow (May 5)
China’s crude oil imports from Russia has been decreasing in recent weeks, but ESPO crude imports increased.