Wednesday, March 15, 2017

Chinese Purchase Of Oil From US SPR -- March 15, 2017

Previously reported: the seven companies that would be purchasing oil from the US SPR.

Today, a stand-alone story over at Platts: China makes first-ever US SPR crude oil purchase. Data points:
  • first such purchase by a Chinese company
  • a move that further underscores growing Chinese interest in US crude
  • PetroChina International, overseas trading arm of state-owned giant PetroChina
  • bought 550,000 bbls; $28.8 million; $53.36/bbl
  • no decision on where the oil would go
  • deliveries most likely in May and June, but possibly as early as April
  • the volume and price prompted a Shanghai-based analyst to call it a "profile-building exercise by PetroChina" -- a marketing exercise

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