Arctic: Oil and Tankers Daily - The China clock is ticking

Research evidence excerpt

Arctic: Oil and Tankers Daily - The China clock is ticking

ecome sellers in

some contract offerings. From our perspective, we expect that Chinese buyers will return to the marketrefinery. On the fundamental front, China’s refinery demand in April slumped -11% m-m and its macro

as the economy is unlikely to contract and the ongoing Middle East situation will shift focus back todata was soft and well below analysts’ estimates. Last week, Brent gained +$7.97 to $109.26, lifted

security of supply. A swing back to China as net buyer would tighten global balances quickly, soby market reports from the IEA and EIA showing crude production falling more than expected and

watch this space for authorities' comments on the economy. It will not be allowed to contract.inventories drawing faster. Also, the presidential summit between Trump and Xi delivered nothing

concrete vs the war. Russian supply dropping as Ukraine attacks continue

Behind the Middle East scene, Russian supply is heading lower. Since Friday, Ukraine has hit anotherGeopolitical update: Diplomacy deadlocked. Trump evaluating options

The weekend brought no progress on the diplomatic front vs the Hormuz situation. President Trump two refineries, including another strike against the Ryazan plant, Russia's largest. Russian

refinery demand is down -0.5 mbd (-8%) m-m in April, according to the IEA. That not only meansreturned from China with not much to show for it other than promises that China wants to buy more US

lower product exports, but the reducton in takeaway capacity has reduced crude exports by 0.7 mbdgoods, including oil. Following a meeting with security advisers, Trump reiterated that time to strike a

in 1H May, according to newsletter EIG.