China also imported large quantities of crude oil in April – Commerzbank
Chinese refineries continued to import large quantities of crude oil in April, Commerzbank's commodity analyst Carsten Fritsch notes.
US places independent refineries from China on the sanctions list
"According to data from the customs authority, imports totalled 11.7 million barrels per day. Although this was slightly less than in the very strong preceding month, it was 7.5% more than last year. Refineries are likely to have taken advantage of the significant drop in prices in April to build up stocks."
"According to Vortexa, the stock build-up in April is likely to have been more than 1 million barrels per day. It is therefore unlikely that imports will be able to maintain the high level of the last two months. According to Vortexa estimates, oil imports from Iran have once again been high at 1.5 million barrels per day."
"Here, too, a decline is likely after the US government recently placed some independent refineries from China on the sanctions list due to their purchases of Iranian oil. Another refinery was added yesterday."
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FXStreet Insights Team
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