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| New York . Paris . Peckham . Beijing |
There was a lot of trade in gasoil (diesel) also, in both directions: March set a record for exports, after an export quota limit was removed. Notwithstanding this, Chinese gasoil inventories grew significantly, suggesting that the very substantial net imports in this grade also were not wholly required for local consumption.
And then the collapse of which CU wrote. Strange patterns of trade, eh ? Still, we believe in free trade. Mange-tout, mange-tout, the import-export business is a funny old game.
ND
5 comments:
Is anything known about their storage capacity?
Is it linked to sabre rattling and cutlass wielding in the Sea of Japan?
dearieme - the US EIA ( = Energy Information Administration, not to be confused with the OECD-linked IEA = International Energy Agency in Paris) is a fine repository of data, much of it openly available online - although you can bet their stuff on China is a tad less reliable than for many other countries. That said, a lot of (military) effort goes into figuring out storage capacity, most of which is really easy to assess from the air ... (trust me on this one)
have a look, e.g. http://www.eia.gov/beta/international/country.cfm?iso=CHN
I strongly commend the EIA, theyare the sort of agency one could wish all government bodies were like. (The IEA does good stuff, too, but is rather more political, almost avowedly so, and so there is spin on some of their output. And they charge for the really good stuff!)
Anon - have a look back at CU's original piece for another line of thought
maybe both are right !
China has an amazing deal with Russia, 40% discounts to market price. Russia is also finding it hard to get buyers for products due to western banks not playing with them.
The combo of the both will lead it to seems as if China is indeed exporting more and more oil products at the moment.
money-laundering, then!
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