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25.06.26 - 03:06
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China′s Refiners Slash Runs To Lowest Since 2017, As Asia Refiners Slow Purchases Of Mid-East Oil (ZeroHedge)
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China's Refiners Slash Runs To Lowest Since 2017, As Asia Refiners Slow Purchases Of Mid-East Oil
A little over a month ago, we explained that energy traders are "Traders Puzzled As Physical Oil Prices Tumble Amid Surging Chinese Crude Sales, Plunging Imports", and highlighted how already razor-thin independent refiner (teapot) margins had plunged to record negative as a result of the war in Iran and government policies meant to keep prices from rising.
Fast forward to today when the previously discussed dynamics have gotten progressively worse, and this morning Bloomnberg writes that China's independent oil refiners have slashed operating rates to a nine-year lo.
Run rates at so-called teapots fell to 50.5% in the week to June 21, dropping below pandemic-era lows to the weakest since 2017, according to consultant JLC. High feedstock costs, weak domestic fuel demand, and curbs on product exports have squeezed processors' margins, prompting them to scale back.
As we noted previ...
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25.06.26 - 00:48
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Stocks Churn Before Micron′s Earnings as Oil Sinks | The Close 6/24/2026 (Bloomberg)
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Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are HSBC US Head of International Wealth, Asset MGMT & Global Private Banking Racquel Oden, Vanguard Investment Strategy Group Global Head of Capital Market Research Qian Wang, Morgan Health CEO Dan Mendelson, Novo Nordisk Executive Vice President, US Operations Jamey Millar, DoubleLine Capital Depot Chief Investment Officer Jeffrey Sherman, Wedbush Securities Equity Research Managing Director Matt Bryson, Deepwater Asset Management Managing Partner Gene Munster, Redfin Chief Economist Daryl Fairweather, Tickitto Founder & CEO Dana Lattouf, & On Location President Paul Caine. (Source: Bloomberg)...
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24.06.26 - 20:45
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Oil Tanker Earnings Soar To $470,000 A Day As Hormuz Hopes Drive Tanker Frenzy (ZeroHedge)
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Oil Tanker Earnings Soar To $470,000 A Day As Hormuz Hopes Drive Tanker Frenzy
By Tsvetana Paraskova of OilPrice.com
Oil tanker rates have soared since the U.S. and Iran announced the memorandum of understanding as oil importers scramble to charter vessels to pick up Persian Gulf cargoes in the hope these can transit the tentatively reopening Strait of Hormuz.
One tanker has been provisionally booked to ship crude from the Persian Gulf to India at a rate that's nine times the benchmark for the route, shipbrokers told Bloomberg on Wednesday.
South Korea's Sinokor shipping group, which before the war went on a buying and chartering spree to control about 120 very large crude carriers (VLCCs), will provide one of these supertankers for the shipment of a cargo of up to 2 million barrels from the Persian Gulf to India. The rate at which the tanker has been provisionally booked is 897% of the MEG-India benchmark route, or nine times higher than the normal freight cost, shipbrokers told Bloom...
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