Commodity Tracker: 4 charts to watch this week

Jun 08 11:06 2020 Print This Article

A recovery in Chinese independent refiners’ oil imports tops this week’s pick of trends in energy and raw materials markets. EU carbon markets, the relationship between US rig counts and tubular steel prices, and LNG supply to Europe are also on the agenda.

1. Saudi crude supply to Chinese independent refiners soars in May

 

What’s happening? China’s independent refiners ratcheted up crude imports in May by 71.1% on the year to a record high 4.42 million b/d, sending a bullish signal to the global oil market that the recovery in Chinese energy demand is on track. The independent refining sector’s crude imports from Saudi Arabia, Iraq, Oman and UAE increased 62.5% on the month to 7.78 million mt in May, accounting for about 41.6% of the total arrivals for those independent refineries, a monthly survey by S&P Global Platts showed June 3. Supply from Saudi Arabia jumped more than threefold from April to 2.95 million mt.

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The Barrel

S&P Global Platts provides market insights so people can make more informed trading and business decisions.. They're the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to their expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping. S&P Global Platts provides critical information for the commodities & energy markets to make physical commodity markets more transparent and efficient. S&P Global Platts blog, The Barrel, provides the essential perspective on global commodities.

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