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117 Crude Carriers En Route to Ports in China

Gasoil News - Published on Wed, 20 May 2020

Image Source: Crude Oil Coronavirus COVID-19
While the rest of the world is tentatively coming out of lockdowns, China is taking advantage of the cheapest crude oil in years to stock up as demand is starting to return. Bloomberg reported that there are 117 of the industry’s largest crude carriers en route to ports in China, where there have been increasing signs of a pickup in oil demand following the outbreak of coronavirus. That’s the biggest number of the vessels since at least the start of 2017, and quite possibly ever. Assuming they have standard-sized cargoes on board, the ships are likely delivering at least 230 million barrels of cargo. Many of the crude oil cargoes are likely to have been bought in April, when prices were lower than the current price and when WTI Crude futures even dipped into negative territory for a day.

The surge in flows is just another piece of evidence underpinning the idea that the country’s oil consumption is recovering at a time when many other nations are still struggling to ease lockdown measures as they combat Covid-19. China’s apparent oil demand surged by roughly 11% from March into April, and the nation’s independent refineries are processing at a record rates.

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Posted By : Yogender Pancholi on Wed, 20 May 2020
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