China rushes to buy Russian ESPO crude amid Middle East crisis, discount shrinks to one dollar

CommodityGeopolitics
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Chinese refineries are snapping up Russian ESPO crude faster than usual, amid concerns that the conflict in the Middle East could disrupt oil exports from the Persian Gulf. As a result, ESPO crude for August delivery from the port of Kozmino has already sold out, and several cargoes for September delivery have also been snapped up. The discount for ESPO crude against ICE Brent futures has narrowed to just about one US dollar per barrel, down from three to four dollars per barrel two weeks ago. Emma Li, China market analyst at Vortexa, said that major Chinese oil companies, led by Unipec, the trading arm of Sinopec, have been accelerating purchases of ESPO crude since July, and the unrest in the Middle East has further spurred buying for August and September deliveries. Data from Kpler shows that China's seaborne imports of Russian crude in July are on track to hit the highest level since March, with China importing about 1.4 million barrels per day of Russian crude this month.

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Unipec (China International United Petroleum & Chemicals Co., Ltd.)Private▲ Positive
Demandrelevance

Unipec is explicitly named as leading the accelerated purchases of Russian ESPO crude, directly benefiting from increased trading activity.

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