Chinese loadings fall to two-yyear low

摘要

High prices and poor arbitrage economics have cut Chi- nese demand for west African crude to a two-year low. Chinese refiners bought 630,000 b/d of April-loading west African crude, down by more than 300,000 b/d on March (AGM, 21 February, p3). ChinaOil and CNOOC bought no April cargoes, and Unipec and Sinochem cut their intakes. Out- right prices of $100-115/bl in late Feb- ruary, when April-loading cargoes changed hands, squeezed refining mar- gins in China (see below). Some Chi- nese firms say refining margins are neg- ative at the moment.