atlantic basin strength curbs chinese imports

摘要

Chinese crude imports fell sharply in June as refners reduced Saudi purchases and relatively high prices undermined interest in Atlantic basin shipments. Net Chinese crude imports fell by 840,000 b/d to 8.3mn b/d in June from May, preliminary data from the General Administration of Customs (GAC) show. GAC stopped publishing detailed trade data in March but Angola is likely to have accounted for a substantial portion of the month’s decline. West African crude loadings bound for China fell to 950,000 b/d in May, afecting Chinese receipts in June-July. Angolan cargoes for June delivery traded in late March, when Atlantic basin crude prices were particularly frm relative to Mideast Gulf grades. The Brent-Dubai exchange of futures for swaps (EFS) - Ice Brent futures’ premium to Dubai swaps, and a measure of the west-east arbitrage - was fairly wide at $4/bl when the June arrival cargoes were sold, discouraging eastward sales.