Chinese teapot refineries emerge as buyers of discounted Adnoc crude, Tracy Shuchart notes

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Chinese teapot refineries emerge as buyers of discounted Adnoc crude, Tracy Shuchart notes — Chinese teapots buy discounted Adnoc crude

Tracy Shuchart, independent trader and strategist, reports that Chinese teapot refineries have become buyers in Adnoc’s most recent oil tender.

Adnoc sold about 18 million barrels of crude oil in its fifth tender for loading through August, with Upper Zakum being the main grade sold. Some barrels of Das were also transacted in the tender.

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Shuchart has previously highlighted risks in U.S. oil markets, noting that declining Strategic Petroleum Reserve levels may degrade crude quality, a concern raised by ExxonMobil in 2023 here. She has also warned that greater leverage in U.S. stock markets can amplify volatility and increase market fragility here. These recent observations come as Chinese teapot refiners expand their crude sourcing strategies.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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