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Page added on May 19, 2020

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A Huge Fleet Of 117 Tankers Is Bringing Super Cheap Crude To China

Consumption

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 in the world’s largest oil importer, Bloomberg reported on Friday, citing tanker-tracking data it has compiled. At present, a total of 117 very large crude carriers (VLCCs) – each capable of shipping 2 million barrels of oil – are traveling to China for unloading at its ports between the middle of May and the middle of August. If those supertankers transport standard-size crude oil cargoes, it could mean that China expects at least 230 million barrels of oil over the next three months, according to Bloomberg. The fleet en route to China could be the largest number of supertankers traveling to the world’s top oil importer at one time, ever, Bloomberg News’ Firat Kayakiran says.

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.

Last month, emerging from the coronavirus lockdown, China’s oil refiners were already buying ultra-cheap spot cargoes from Alaska, Canada, and Brazil, taking advantage of the deep discounts at which many crude grades were being offered to China with non-existent demand elsewhere.

China was also estimated to have doubled the fill rate at its strategic and commercial inventories in Q1 2020, taking advantage of the low oil prices and somewhat supporting the oil market amid crashing demand by diverting more imports to storage, rather than outright slashing crude imports.

China’s crude oil imports jumped in April to about 9.84 million bpd as demand for fuels began to rebound and local refiners started to ramp up crude processing, according to Chinese customs data cited by Reuters.

By Tsvetana Paraskova for Oilprice.com



5 Comments on "A Huge Fleet Of 117 Tankers Is Bringing Super Cheap Crude To China"

  1. Theedrich on Wed, 20th May 2020 2:58 am 

    China, unlike the West, is not genosuicidal. Whatever the extreme rigor and/or criminality of its Commie system, it is in fierce pursuit of world domination.  In contrast, America and its vassals have sold their collective soul for a few shekels.  The corruption and Yid-Christian self-hatred of Yankeeland, deeply ingrained by wars against its own race, have sealed our fate.

    Everywhere one sees citizens of Western countries buying marijuana, snorting cocaine, dying of Chinese fentanyl, replacing themselves with outhouselanders, and similar self-destructive absurdities.  In the universities, the former preponderance of males studying serious subjects has been replaced by females pursuing shyster degrees and gender studies.  The U.S. federal government cannot get its act together because of the insane hatred of the Left against Trump & Co.  The idea is to destroy the nation in order to save it.  Historically unprecedented and unpayable $trillions of debt are sold to, and bought up by, China, in a Faustian bargain if there ever was one.

    Mene, mene, tekel, upharsin.  The handwriting is on the wall.  There will be no return to “normal,” regardless of the smiley-faced predictions by various “experts.”  This is how the Western Roman Empire ended:  amidst blind, savage infighting over power at a time when critical resources were dwindling and the Empire had already been invaded by countless barbarians.  The only question is:  who will be our Romulus Augustulus?  A dark horse installed by the military-industrial complex?

    It was a good show.  Let’s see whether the Chinks can put on a better one.

  2. Abraham van Helsing on Wed, 20th May 2020 2:59 am 

    The slow (E)U-turn towards Eurasia:

    https://www.usnews.com/news/best-countries/articles/2020-05-18/survey-germans-view-china-and-us-as-equally-important-allies

    “Germans View China and U.S. as Equally Important Allies”

    https://www.dw.com/en/germans-trust-china-more-than-the-us-survey-finds/a-47435595

    “Germans trust China more than the US, survey finds”

  3. Abraham van Helsing on Wed, 20th May 2020 3:07 am 

    “Let’s see whether the Chinks can put on a better one.”

    That may be too pessimistic. Eastern Europe, including Russia, has zero inclination to destroy itself. In Western Europe, the political right is rapidly gaining ground. And even Trump, no matter how half-hearted his closet white nationalism, has a good chance of becoming reelected and provide sufficient escape velocity for white American missile to be able to escape from planet ZOG.

    “The idea is to destroy the nation in order to save it.”

    The old US will go the way of the USSR and be dismembered. It will be a necessary act before rebirth will be possible and white America can find its place in the identitarean, deglobalized world of the 21st century.

  4. forbin on Wed, 20th May 2020 10:46 am 

    hmm unlike you lot we maybe heading this way

    china wants Taiwan back

    Shall We Play a Game?

    https://www.youtube.com/watch?v=KXzNo0vR_dU

  5. Richard Guenette on Thu, 21st May 2020 2:02 pm 

    More countries should dump the USD and invest within their own currencies.

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