On Sept. 18, Beijing unveiled a new list of imports from the US worth $60B that will be charged 10% tariffs. The move was in response to Washington's Sept. 17 announcement of new tariffs on Chinese products. Since crude has not yet been added to the list, Chinese refiners will be able to take advantage of the recent $6.66/bbl discount on front-month WTI swaps against Dubai swaps. Brent's strong premium over WTI helps make the US crude more competitive for Chinese buyers. Sinopec trading arm Unipec seems to have returned to the US Gulf Coast market after having stepped away for a time while the governments bicker.
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