Sumary of Asia’s crude oil imports to rebound in November amid SPR uncertainty: Russell:
- Breadcrumb Trail Links PMN Business Author of the article: Reuters Clyde Russell Article content LAUNCESTON — Asia’s imports of crude oil are likely to have rebounded in November to the highest this year amid pre-winter buying by top consumers and despite widespread disquiet among buying countries over high prices.
- Imports by the world’s top-consuming region are estimated at 26.35 million barrels per day (bpd) for November by Refinitiv Oil Research, up strongly from October’s 22.55 million bpd.
- For most of the year Asia’s imports of crude have lagged the prevailing global narrative of a recovery in demand and tight market supply, with these factors applying more to North America and Europe.
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- Article content However, a rush to secure fuel supplies ahead of the northern winter prompted refiners across Asia to buy more crude for November delivery, with all the major importing countries expected to boost arrivals.
- China, the world’s biggest crude buyer, is expected to import 10.47 million bpd in November, up from October’s 8.9 million bpd, which was the lowest since September 2018. However, there are some factors at play that call into question whether China’s resurgent November imports are a flash in the pan or the start of a renewed uptrend.
- This led to a flood of buying from the these refiners, especially of Russian ESPO crude, which saw spot premiums for the grade rise to their highest since January 2020. Story continues below This has not loaded yet, but your article continues below.
- Article content The premium of ESPO over Dubai crude reached $6.35 a barrel on Nov.