Market Chatter: Chinese Traders Expediting Russian Crude Purchases as Middle East Tensions Rise

MT Newswires Live

Jul 24

Chinese oil buyers, led by China Petroleum & Chemical or Sinopec (HKG:0386, SHA:600028) unit Unipec, are rushing to purchase Russian ESPO oil amid an escalation of tensions in the Middle East, Bloomberg reported Friday, citing traders familiar with the market.

August shipments from the Russian Pacific port city of Kozmino have run out, while September cargoes are loading faster than usual, the report said, citing the traders.

Russian ESPO, or Eastern Siberia-Pacific Ocean oil, is being sold at a discount of about $1 per barrel to ICE Brent crude from up to $4 two weeks ago, Bloomberg said.

Unipec parent Sinopec did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2097828714.EUR","symbol_name":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2653870223","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2653870223","pubTimestamp":1784880154,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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