原文标题：
Global oil markets under pressure as Asia destocks, China imports slowed
亚洲去库存，中国进口放缓，全球油市承压
原文连结：
https://reurl.cc/raoZEx
发布时间：
MARCH 25, 20215:48
原文内容：
(Reuters) - Crude oil producers from Europe, Africa and the United States
faced difficulties selling to Asia, especially China, as buyers took cheaper
oil from storage while refinery maintenance has reduced demand, industry
sources said on Thursday.
Chinese independent refiners, which account for a fifth of the country’s
imports, have slowed imports in the second quarter because of refinery
maintenance, strong Brent prices and a large influx of supplies, including
Iranian oil, in first quarter.
These buyers and others in Asia are lapping up cheap oil offered by traders
under pressure to clear storage after Brent crude flipped into backwardation,
with prices for prompt delivery higher than those for future months, traders
said.
As a result traders were forced to sharply reduce prices for spot cargoes
loading in April and May from Europe, Africa and the United States for
delivery to Asia.
Lockdowns in Europe have also reduced demand, they said.
Graphic: High Brent prices prompts traders to destock, dampen demand for
Atlantic Basin oil -
“Barrels are struggling to find homes in the export market as Asia still isn
’t buying and Europe is struggling as well,” said Scott Shelton, energy
specialist at United ICAP.
Crude grades priced on Brent were worst hit, traders said, as a wide spread
between the global benchmark and Middle East’s Dubai crude price made them
least appealing to Asian buyers.
“China’s demand for (Russian) Urals, West African, CPC Blend oil just
evaporated. Buying from stock is much more interesting for them now,” said a
source with a western trading house.
Caspian CPC Blend crude’s discount to dated Brent widened to $2.85 per
barrel, the lowest since mid-May 2020 when the COVID-19 pandemic caused oil
demand to plunge, Refinitiv Eikon data showed.
CPC Blend is a popular grade with South Korean refiners, but this month they
also minimized oil purchases amid refinery maintenance and buying from
storage, two traders said.
Unipec, the trading arm of Asia’s largest refiner Sinopec, offered six of
its 10 term Angolan crude cargoes in April to the market, traders said.
An April-loading cargo of Angolan Mostarda crude sold this month for $1.50 a
barrel below dated Brent, down over a dollar from levels seen in the previous
month, they said.
“There’s just too much supply so buyers want to see cheap cargoes,” a
Singapore-based trader said.
Graphic: Europe, Africa, U.S. crude prices under pressure from low Asia
demand -
Reduced Asian buying also put pressure on U.S. Gulf Coast grades. WTI at East
Houston, a popular export grade, slumped to the weakest since October this
week as export activity for April has been muted.
U.S. crude arrivals in Asia are expected to drop to about 30 million barrels
in April, the lowest since June 2020, according to initial assessments from
Refinitiv Oil Research on Eikon.
However, the recent drop in Brent crude prices closer to $60 a barrel if
sustained, could help revive Asia’s demand in late June or early July,
traders said.
By that time, Asia’s peak maintenance season would have ended while
inventories would have largely been drawn down, they said.
Reporting by Olga Yagova and Gleb Gorodyankin in MOSCOW, Florence Tan in
SINGAPORE, Noah Browning in LONDON and Devika Krishna Kumar in NEW YORK,
writing by Olga Yagova; Editing by Simon Cameron-Moore
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