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2018-08-15 11:00:00

U.S. OIL FOR CHINA

U.S. OIL FOR CHINA

REUTERS - Chinese oil importers are shying away from buying U.S. crude as they fear Beijing's decision to exclude the commodity from its tariff list in a trade dispute between the world's biggest economies may only be temporary.

Not a single tanker has loaded crude oil from the United States bound for China since the start of August, Thomson Reuters Eikon ship tracking data showed, compared with about 300,000 barrels per day (bpd) in June and July.

The United States and China have been locked in a tit-for-tat trade spat over the last few months, but crude was dropped from China's final list of tariffs on $16 billion in U.S. goods announced last week.

The move underscored the growing importance of the United States as a key global oil producer and critical alternative supply source for top importer China.

However, would-be buyers in China fret the commodity could be used as a bargaining chip in future negotiations with Washington, potentially getting added to tariff lists if the trade conflict takes a turn for the worse.

"Since it takes months to get U.S. crude (to China) ... this (not buying U.S. shipments) is a precautionary measure to avoid any distressed selling in case the government puts tariffs on U.S. crude oil," said Sushant Gupta, research director at energy consultancy Wood Mackenzie.

A source with a Chinese refiner said the company was "watching and seeing" how the situation develops before placing new orders for U.S. oil. He declined to be identified as he was not authorized to speak with media.

That comes after the country's main oil importer, Unipec, earlier this month suspended shipments from the United States.

Another petroleum source familiar with the Chinese market said U.S. crude may have been left off the tariff list to "facilitate clearing shipments" that have already been committed to.

"(The government) probably wants to impose (tariffs) when there is no more U.S. crude on the water, so I won't take it as a reversal of the political stance on U.S. crude," said the source.

LOOKING ELSEWHERE

To replace U.S. oil, China has been turning to the Middle East, West Africa and Latin America, according to shipping data and traders.

That has been helped as a narrow price-spread between Brent and Dubai crude allows Atlantic basin oil to be profitably shipped to Asia. The spread on Wednesday had nearly halved from a month ago to $1.63 per barrel.

Although China's biggest oil suppliers are the Middle East, Russia and West Africa, the United States has become an important global supplier since it opened up its market for exports in 2016.

Beyond the short-term complications of finding replacements for American oil, the Sino-U.S. trade dispute also poses risks to economic growth.

"Any further escalation in the trade conflict between them is clearly an important downside risk and could lead to a further slowdown in oil demand growth for 2019, leading to downward pressure on oil prices," said Gupta at Wood Mackenzie.

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Earlier: 

S-E.Asia
2018, August, 13, 13:40:00

CHINA STOPPED U.S. LNG

BLOOMBERG - Under the plan, PetroChina would boost buying of spot cargoes from other countries or swap U.S. shipments with other nations in East Asia to avoid paying additional tariffs, said the people, who asked not to be identified because the information isn’t public.

 
 S-E.Asia
2018, August, 13, 13:35:00

INDIA BUYS U.S. OIL

PLATTS - State-run Indian Oil Corp has signed its first US term crude oil deal, buying 6 million barrels, as the Asian buyer steps up efforts to devise an alternative buying strategy amid uncertainty about purchases from Iran because of US sanctions.

 S-E.Asia
2018, August, 8, 12:01:00

CHINA'S OIL IMPORTS UP

REUTERS - Crude shipments came in at 36.02 million tonnes last month, or 8.48 million barrels per day, up from 8.18 million bpd a year ago, and just up on June’s 8.36 million bpd, data from the General Administration of Customs showed.

 

 S-E.Asia
2018, August, 8, 11:55:00

INDIA'S OIL IMPORTS UP

REUTERS - Indian refiners’ interest in U.S. crude will be welcome news to shale producers looking for buyers outside of China, which is likely to scale back imports as the trade dispute between the administration of President Donald Trump and Beijing escalates.

 

 S-E.Asia
2018, August, 6, 13:30:00

CHINA - U.S. RETALIATION

API - “China’s retaliation will hit America’s energy industry particularly hard,” said API Vice President for Regulatory and Economic Policy Kyle Isakower. “American natural gas and oil companies already hit by U.S. tariffs on industrial products and specialty steel essential to our industry will now be faced with Chinese tariffs on critical U.S. exports, impacting American jobs that rely directly and indirectly on the energy industry.

 S-E.Asia
2018, August, 6, 13:25:00

CHINA - U.S. LIST

PLATTS - China rattled investors in the US LNG export sector when it said Friday it may impose 25% tariffs on American cargoes if President Donald Trump follows through on his threat to escalate the trade dispute with Beijing that he initiated.

 S-E.Asia
2018, August, 3, 09:20:00

БРИКС: 40% МИРОВОЙ ЭНЕРГИИ

МИНЭНЕРГО РОССИИ - «Страны БРИКС являются одними из самых крупнейших экспортеров, производителей энергоресурсов и потребителей. На долю стран БРИКС приходится почти 40% общемирового потребления энергоресурсов», - отметил замминистра.

Tags: USA, CHINA, OIL
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Chronicle:

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2018, November, 14, 11:50:00

NUCLEAR POWER CHANGING

WNN - The search for solutions to climate change must include discussion of nuclear power, Scott Foster, director of the Sustainable Energy Division of UNECE, told

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2018, November, 14, 11:45:00

U.S. NUCLEAR CAPEX DOWN 40.8%

WNN - in 2017 the average total generating cost - which includes capital, fuel and operating costs - for nuclear energy was USD33.50 per megawatt-hour (MWh).

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LUKOIL PRODUCTION 2.3 MBD

LUKOIL - For the first nine months of 2018 LUKOIL Group's average hydrocarbon production excluding West Qurna-2 project was 2,301 thousand boe per day, which is 3.7% higher year-on-year.

U.S. OIL FOR CHINA
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