20230710-东证期货-原油和燃料油海运贸易流跟踪_24页_6mb

Summary of Oil and Fuel Oil Maritime Trade Flows

Overview

The report details changes in global crude and fuel oil maritime trade flows for June 2023, highlighting trends in exports, imports, and key regional variations. Geopolitical factors and domestic demand significantly influenced trade volumes.

Crude Oil Trends

• Middle East exports decreased by 12,000 bbl/day in June, attributed to Saudi voluntary production cuts extending to August and higher regional consumption.
• Russia exports fell by approximately 50,000 bbl/day year-over-year to 334,000 bbl/day, due to sanctions and rising domestic refining needs.
• US exports increased by 18,000 bbl/day to 396,000 bbl/day, while West African exports slightly declined by 5,000 bbl/day, and South American exports dropped by 46,000 bbl/day.
• Chinese imports rose by about 38,000 bbl/day, hitting a monthly high, with India seeing moderate gains; however, Korea and Japan imports decreased below 2022 levels.

Fuel Oil Trends

• High-sulphur fuel oil exports saw a small monthly decrease of 64,000 metric tons, with Russia's export down 38,000 tons.
• Middle East net exports increased by 618,000 metric tons.
• China's imports fell by 65,000 metric tons.
• Low-sulphur fuel oil exports increased overall, with Asia importing 666,000 more tons.

Data sources include Kpler and Bloomberg, and figures are subject to revision as trade details unfold.