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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