China has not been shy about squeezing oil suppliers
Chinese buyers have also been opportunistic. Although car, freight and plane travel dropped in the first quarter, crude imports rose by 5%. Neil Beveridge of Bernstein, a research firm, estimates that about 200m barrels of oil went into storage in China in the first three months of the year, as the government, refiners and other buyers stocked up on inexpensive oil.
Oil suppliers continue to look to China, which has eased its lockdown before other markets. “China is leading demand at the moment, so everyone is trying to sell into that market,” says Ben Luckock of Trafigura, a trading group. Even as covid-19 depressed global energy demand, seaborne oil exports to China in April reached a record level, according to Kpler, a market-data firm, and were 25% higher than last year’s average.
It is unclear if China will remain a bright spot. Despite analysts’ best efforts—by, say, using satellite images to track outlines on storage tanks—no one knows precisely when China’s oil stocks may near its capacity to store it, says Mr Beveridge. The International Energy Agency expects Chinese demand to be tepid in the second half of the year, as the global economy remains weak.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
China reports 17 more Covid-19 cases – latest updatesChina reports 17 more Covid-19 cases amid new infections in Wuhan. Here are more updates 🇵🇦 Panama's cases rise to 8,448, deaths to 244 🇾🇪 Yemen reports 17 new cases, total at 51 🇺🇸 Chief of US National Guard in limbo after conflicting tests For more:
Lire la suite »
China to reform disease prevention systemChina will reform its disease prevention and control system to address weaknesses exposed by the coronavirus outbreak, a senior health official said on Saturday.
Lire la suite »
China says willing to help North Korea in fight against virusChina is willing to offer support to North Korea within its ability against the coronavirus epidemic, state television said on Saturday, quoting President Xi Jinping as saying in a letter to North Korean leader Kim Jong Un.
Lire la suite »
US virus patients and businesses sue China over outbreakAt least nine lawsuits in the U.S., including one from a state attorney general, target China’s actions in the coronavirus outbreak. The Chinese foreign ministry says the suits have no factual basis. By Miamicurt.
Lire la suite »
China refutes 24 'lies' by U.S. politicians over coronavirusChina has issued a lengthy rebuttal of what it said were 24 "preposterous allegations" by some leading U.S. politicians over its handling of the new coronavirus outbreak. The Chinese foreign ministry has dedicated most of its press briefings over the past week to rejecting accusations by U.S
Lire la suite »
Why China Is Withholding Stimulus Amid Coronavirus-Sparked DownturnBeijing worries a major financial push could overheat pockets of the economy, especially the property market, as the economy shows signs of recovery without a big package.
Lire la suite »