Oil Grades Favored by China’s Independent Refiners Get a Boost
- Spot differentials of Russian ESPO, Brazilian varieties are up
- There are signs authorities about to release more import quota
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Oil grades popular with China’s independent refiners are getting a boost in the physical market amid speculation authorities are about to allocate more import quota.
Spot differentials for Russia’s ESPO crude are up by at least $1 a barrel from last month, while Brazilian varieties such as Tupi and Iracema are also fetching higher prices than in August, said traders who asked not to be named.