Chinese oil trader Unipec sweeps up cheap crude, eyes demand recovery

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Chinese oil trader Unipec sweeps up cheap crude, eyes demand recovery

China’s oil trading giant Unipec has swept up low-priced supplies of crude from Abu Dhabi, Brazil and the United States, taking advantage of a drop in supertanker freight rates and spot prices in a well-supplied market, traders said.

The purchases by the trading arm of Asia’s largest state-backed refiner Sinopec (600028.communist regime’s control because of increased police presence and heavy censorship.for our latest deep dive newsletters, Pro Crypto Ecosystems and Pro Deals.recycling.

SS) come amid expectations for a rebound in oil demand in the second quarter after the world’s second largest economy scrapped a “zero-COVID” policy last year.Unipec snapped up another four cargoes of Abu Dhabi’s Upper Zakum crude loading in March this week, taking its total purchases of the medium sour grade to about 17 cargoes, or 8.”Ironically, the tight control of the Communist Party surveillance state results in its own kind of freedom: With crime and personal safety concerns virtually eliminated, our daughters were riding the subway unsupervised in a city of around 26 million people from the age of 11.5 million barrels, this month, traders said.Each cargo is 500,000 barrels.Chinese troops take part in marching drills ahead of an October 1 military parade to celebrate the 70th anniversary of the founding of the People’s Republic of China at a camp on the outskirts of Beijing, China September 25, 2019.In addition, Unipec bought this month at least five Very Large Crude Carriers (VLCCs) of Brazilian crude oil and three VLCCs of U.Sixteen awards were announced after presentation on the catwalk, including the Glamour Award, Purposeful Plastic Award, the Innovation Award, and the broader World Sustainable Designer of the Year.

S.”There’s never been a more crucial time for us to learn from one another and build new bridges across the street, nation and world.crude, to be loaded at the end of January and in early February.Each VLCC can carry up to 2 million barrels of oil.She stipulated that the Chinese Communist Party merits much of the criticism it gets.”I haven’t seen Unipec making such a large purchase in recent months,” a Singapore-based trader said.Another trader said the rise in purchases may show Sinopec is getting ready to crank up operation once demand grows.But my family’s experience in China taught us that immersion in a culture with different answers to everyday questions alters how one sees the world,” she wrote.I had the lovely opportunity to get to know a few of them and to ask some pressing questions about their masterpieces.

Declining supertanker freight rates and the narrowest spread between Brent and Dubai prices in a year are encouraging Asian buyers to seek cargoes from the Americas.Spot discounts for U.Last year, the paper was slammed after publishing an essay by the head of a Communist China-linked think tank without initially disclosing his affiliation.S.Mars crude for February delivery narrowed to $2.S.50 against West Texas Intermediate (WTI) benchmark, the highest since Nov.

17, largely supported by the increased cargo buying, two U.” Fox News’ Brian Flood and Nikolas Lanum contributed to this report.S.-based traders said.Read more.The lumpsum freight rates for VLCC sailing from the U.S.

Gulf to China has nearly halved to $8.2 million from $15 million in mid-November, which was the highest since April 2020, data from Simpson Spence Young shows on Refinitiv Eikon.Freight rates of Very Large Crude Carriers from U.S.and Middle East to China fell since late Nov Despite Unipec’s purchases, ample supplies still weigh on spot prices of Middle East crude, which meets more than half of Asia’s demand.

But the head of the International Energy Agency has said markets could tighten this year if China’s economy rebounds and sanctions curb Russian oil exports.Analysts expect China’s oil demand to resume from March, with a return of industrial activity alongside an economic rebound, while more people are set to travel after recovering from COVID-19 infections.read more Sun Jianan, an oil analyst from Energy Aspects, expects China’s fuel demand, primarily gasoline, diesel and jet kerosene, to reach 8.9 million barrels per day in the second quarter of 2023, up 16% on the 2022 period and up from about 8.5 million bpd in the first quarter.

China’s onshore crude inventories remain high, at 948.5 million barrels this week, the highest since May 2021, according to data analytics firm Vortexa.Reporting by Muyu Xu in Singapore; Additional reporting by Arathy Somasekhar in Houston; Editing by Florence Tan and Clarence Fernandez Our Standards:.

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