A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. REUTERS/Stringer/File Photo
By Bill Lehane
(Bloomberg) –Supertankers hauling crude oil to China surged to the highest in almost a year.
Some 124 of the vessels are signaling China — the world’s biggest oil importer — as their next destination over the forthcoming three months, according to a regular count compiled by Bloomberg. That’s the highest level since late April 2023.
China’s oil processing rose to the highest in five months in March on robust demand following the Lunar New Year holiday and as refiners rebuilt fuel stockpiles before seasonal maintenance, official data released earlier this week showed. The Asian nation is also expected to issue an oil product export quota sometime in April, consultancy OilChem said in a note.
Flows to the US also expanded, with 37 tankers indicating the nation as their next destination, the highest since Feb. 2.
A total of 578 of the vessels signaled future destinations in the data for the next 90 days, compared with 569 a week earlier, MAP data compiled by Bloomberg show. Click here for a table listing those destinations.
© 2024 Bloomberg L.P.
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