China leads record eastbound charge

摘要

West African crude shipments to Asia-Pacific will hit a record next month, led by Chinese stockbuilding. A record 1.92mn b/d of west African crude will load for Asia-Pacific in November, nearly 250,000 b/d more than this month and 410,000 b/d higher than in September (see graph). Favourable economics are playing a part in the eastbound surge. Ice Brent futures’ premium to Dubai swaps has fallen by more than $2/bl since early September, boosting the competitiveness of Atlantic basin crudes relative to Mideast Gulf grades.