Chinese refiners continue to cut fuel oil processing.

摘要

According to trade and refinery sources, teapot refineries in Shandong, China have continued to cut purchases of fuel oil feedstocks, buying only about 140K mt (938K bbl) of Russian M100 fuel oil and 30K (201K bbl) mt of Venezuelan 380-cst fuel in March, down from a total of 310K mt (2MM bbl) in Feb. Meanwhile, only one 280K mt (1.8MM bbl) cargo of 380-cst straight-run fuel oil has been heard fixed for East China in April so far, and at least part and possibly all of that cargo will be sold to bunker fuel companies rather than to refiners.