Chinese Oil Refiners Snap Up Bargains as Activity Resumes By Serene Cheong and Alfred Cang April 17, 2020, 5:47 PM GMT+8 Updated on April 20, 2020, 8:38 AM GMT+8 Crude from Russia to Canada to Brazil going cheap amid glut Throughput at Chinese processors is back to pre-virus level
Chinese refiners are snapping up low-price oil from all over the world as Asia’s largest economy emerges from a virus-driven slump.
Varieties such as Alaska North Slope, Canada’s Cold Lake and Brazil’s Lula have been offered at steep discounts to global benchmark prices over the past week as sellers scrambled to secure buyers. Processors in China -- where throughput is back to pre-virus levels -- are snagging many of the bargains as much of the rest of the world remains in lockdown.
Spot supplies of Cold Lake were sold by a European trader at a discount of between $8 and $9 a barrel to Brent on a delivered basis, while an oil major sold a shipment comprising Alaskan North Slope and Brazilian grades at a $5.50 to $6 discount, said traders who buy and sell crude in Asia. The cargoes were purchased by Chinese independent refiners, known as teapots, which have staged a strong comeback from run-rate cuts and closures in February.
Chinese teapots' crude oil processing climbs to record level after virus As for oil that’s produced closer to Asia, Chinese state-owned refiners have been buying Russia’s Sokol crude for significantly less than Dubai benchmark prices. The spot purchases were made on top of crude bought via long-term supply contracts with Saudi Arabian, Iraqi and Kuwaiti producers. At least five Chinese processors sought full contracted volumes from Saudi Aramco this week after it slashed official prices for Asian customers for a second month.
Major producers are still struggling with a large overhang of physical cargoes despite the agreement this month by OPEC and its allies to curb output by almost 10%. In Nigeria, one of the country’s benchmark grades, Bonny Light, fell to about $12 or $13 a barrel as swathes of Europe, the staple market for the West Arican nation, have gone into lockdown to combat the coronavirus.
Meanwhile, storage across the world -- both on land and at sea -- is rapidly filling up. Brent crude has remained in a steep contango, a bearish market structure where prompt oil is cheaper than later supplies, even after the OPEC+ deal.
here paktua want to congrats is karen.. on her brave heart and courage to hold and avrgedown from 1.40 down to 1.24 and if her set to release some burden at above 1.30 its good move.. if her more daring and stand to hold until reach back 1.40 then release thats paktua say the most daring fighters dare to die and dare to fight.. even on loses never shaking hand or feeble finger to cutlost..
tut tut act wisely karen balance your strength and your abilities ammo..
to all rebellions dayang fighters.. paktua know.. most of you are smart person!! ask your self.. are you play trader just follower others? or be your self.. you all see many successful investors or traders.. their never influence by any wave.. their stick with own methods.. disciplined,courage,focus,determination on own goal..
now let hear some good spirit just to all dayang believer.. fighters.. if dare to play trade..must dare to burn.. must dare to defeat all fear.. dare to fight or die try..
let we hear some story..
are you willing to be.. A wolf climbing the hill?.. or be the sheep run way down the hill??
dayang fighters.. you must dare to climb the dayang hill.. when many other wolf run away..
what are you willing to be..?? STAY STRONG.. BE DIFFERENT.. FIGHT..WHEN ALL FEAR..
your destiny.. is in your hand.. go climb it and hunt it..
paktua love poem.. last poem for last day trading on this week..
let hear some...
Virus can spread disease.." will cost outbreak.. and.. "human can spread fear.." will cost weak confidence.. remember.. "fear will lead you..to confuse zone.." "and..will lead you..to lose confident.."
"greed will lead you..to a wrong judgment.." "too smart will lead you..to not taken any decision.." "follow blindly will destroy you abilities.." so..
let hear it.. more n more until all of you wake up..
remember.. to defeat great warriors.. must separate him from his alliance.. creat fear among them.. let confused be their judged.. later doubts will surrounded them.. their will weak to fight no matter how good their are.. thats we call psychological warfare..
paktua hope will close 1.27.. but bull still need energy even pass vol 25m.. let see until 4.59pm ================== Stock: [DAYANG]: DAYANG ENTERPRISE HOLDINGS BHD paktua73 @paktua hope can close above 1.30.. but very glad if stand close at 1.27 that will be reality if vol above 25m..
salam jumaat n salam sejahtera.. pada semua pejuang berani dayang.. today holiday..cuti trade..
lucky81..now paktua know your point.. hurm.. this is for lucky81 only..
paktua was demonstrate our bahalol calculate.. how we read the pattern dayang movement.. and we do it many time on real time.. prove it if we jus bluffing..
paktua not good.. but.. we the best on reading rally pattern.. we earn here with fight two type battlefield.. 2 elite squad play swing.. 2 platoons play midterm trader.. mostly paktua really make money on red wave..
here.. 4 time was demonstrate how we read rallly pattern.. 4 time paktua elite troops earn profits on doing swing here earn rm50k each battles.. we put our prediction before rally movement.. we try give evidence how big boys use old TA as their bait.. our prediction exactly sharp on close trading day.. (we also was demonstrate at AA a bit long ago)
paktua not mention we are good.. we not good as investor.. we the best on making money on red wave.. until now paktua elite troops put prove on real time..
when we buy..when we release.. we do gentleman way..we tell before we do it.. to make all beware what we doing..
as a prove.. when we sold yesterday 1.23-1.25 rally stuck a bit while at 1.24.. after we done no more pressure.. rally move up fast until 1.30.. if you good lucky81.. beat us with you TA skill.. then we glad respect you.. dare to beat us.. show that we bla bla one.. prove it we just bluffing only..
we did not care kyy or kyz effort.. we play all around klse we doing on own way..own style.. we prove it our styles.. how we make profit on it.. paktua done here..
paktua elite troops hold balance share avrrge 1.13+ with more ommo in hand.. we dare bet more here.. our 2 platoons infantry unit hold at 0.90 and still got ammo on hand.. their also glad if red come.. we born fight on red wave.. we make money on red wave.. we done demonstrate how we play.. paktua stop at here no more prediction calculate..
hahaha.. lucky81..meet us after mco.. paktua n all 16 red stock leaders glad show you who real us.. we always be at RSGC jln tun razak..every day paktua there from 5.45am-8.45am,5.45pm -8.45pm.. but need pay our table laa..no free talk.. lucky81.. paktua play we share..we prove..we earn.. you..why play blame point all around? put your skill first.. show us your best effort.. not go here..go there ..blame this blame that..
we show what we can do.. we share what can give..we earn no body blame us.. we prove it..
you what you prove.. show it.. that you good from other? than you deserve to condemn any one..
tut tut only hypocrite person put sour grape every where..
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
investortrader88
3,233 posts
Posted by investortrader88 > 2020-04-30 14:12 | Report Abuse
paktua73 welcomed traderinvestor88..
let we ride until summit rm2.00
tut tut
demad for oil will huge when covid19 settle..
estimated on 18 month (from march 20 )we will see back oil above 65
30/04/2020 2:08 PM
@psktua.united for Dayang !