More ESPO Blend goes east

摘要

Chinese demand for Russian light sweet ESPO Blend crude rebounded in August from a more than 12-month lull in July. China-bound exports of Kozmino-loading ESPO Blend were around 480,000 b/d in August, up by nearly 100,000 b/d on July (see graph). The rise coincided with ESPO Blend shipments from Kozmino hitting their highest since October last year. Shipments from the far east Russian port rose to 670,000 b/d ahead of maintenance in September, with some cargoes brought forward to August from the September programme. Exports in September are scheduled to fall to about 570,000 b/d, although third-quarter shipments will still be around 15,000 b/d higher compared with the second-quarter figure.