China’s Oil-Buying Brings Slight Relief to Asian Physical Market
This article is for subscribers only.
An uptick in purchases of Middle Eastern oil by Chinese refiners is helping to support the physical crude market, even as deep-seated concerns remain about the trajectory of the nation’s demand.
Companies including Unipec and PetroChina Co. have boosted spot purchases of September-loading Middle Eastern crude to arrive in September-October, according to traders and analysts. That comes as state refiners ramp up following maintenance, a new private refiner prepares to start operations, and more buying is expected for the nation’s strategic reserves.