FINWIRES · TerminalLIVE
FINWIRES

Market Chatter: Sinopec Boosts Purchases of Russian Oil Amid Middle East War

By

China Petroleum & Chemical (HKG:0386, SHA:600028), d/b/a Sinopec, increased its purchases of Far East ​Russian oil to offset reduced Middle East supplies caused by the war, Reuters reported Thursday, citing trade sources and ship-tracking data.

The state-owned refiner purchased 30 to 40 cargoes of Russia's Eastern Siberia-Pacific Ocean (ESPO) blend for July through September delivery, equivalent to about 241,000 to 320,000 barrels per day, or 5% to 6% of its 5.2 million-barrel-per-day refining capacity, the report said.

Ship-tracking data from Vortexa Analytics showed Sinopec secured about 7.4 million barrels of ESPO crude in July. The refiner has also purchased at least 10 cargoes each for August and September delivery, Reuters reported.

Sinopec did not immediately respond to' request for a comment.

(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.)

Related Articles

Equities

Orlen Sets Up Shipment Terminal at Polish Refinery

Orlen (PKN.WA) began operating a marine transshipment terminal at its refinery in Gdańsk, Poland, to facilitate the direct transfer of refinery products and feedstocks to tankers.Located on the Martwa Wisła River, the Orlen Marine Transshipment Terminal, which cost 500 million Polish zlotys, has an annual cargo capacity of over 1.8 million tonnes, according to a Wednesday release.The Poland-based energy group expects the facility will trim logistics costs, enhance supply flexibility, and reduce reliance on transport through road, rail, and external ports.

$PKN.WA
Equities

US Diesel Exports Reach Record 1.9 Million Barrels a Day

US exports of distillate fuel rose to a record 1.9 million barrels a day last week as domestic stockpiles fell again, Bloomberg reported Wednesday, citing US Energy Information Administration's data.The figure surpassed the previous high set in May, the report said, adding that exports over the past two weeks have most frequently headed to northwestern Europe, according to data from energy analytics firm Vortexa, which described Europe as the "epicenter" of the global diesel crunch given its exposure to refinery outages in the Middle East and Russia.Earlier in July, shipments were more often directed to the Caribbean and South America as importers stocked up ahead of the September planting season, according to the report.

Equities

Murphy Oil Q2 Adjusted Earnings, Revenue Rise

Murphy Oil (MUR) reported Q2 adjusted earnings late Wednesday of $1.55 per diluted share, up from $0.27 a year earlier.Analysts polled by FactSet expected $1.57.Revenue for the quarter ended June 30 rose to $928.3 million from $695.6 million a year earlier.Analysts expected $888.5 million.Murphy shares fell 5% in after-hours trading.

$MUR