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Mega-Refiner Buying Oil a Bright Spot for Constrained Market

Mega-Refiner Buying Oil a Bright Spot for Constrained Market

(Bloomberg) — A Chinese mega-refiner is snapping up barrels of Middle Eastern crude in a rare bright spot for a market hampered by dwindling import quotas after a buying spree earlier in the year.

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Rongsheng Petrochemical Co.’s Singapore unit has purchased at least 7 million barrels in the spot market so far this month for delivery in December and January, according to traders who asked not to be identified because the information is private. The company is buying up crude to feed a trial run operation of its expanded refinery in Zhejiang province this quarter.

Chinese crude imports rose in September for the first time in three months as companies sought oil for new and expanding plants. Inbound shipments may struggle to reach June’s peak through the rest of the year after independent refiners used up most of their quotas. The processors, known as teapots, played an outsized role in supporting oil prices this year after a buying frenzy following a rapid recovery from the pandemic.



chart: China's oil imports last month were at the highest level since July


© Bloomberg
China’s oil imports last month were at the highest level since July

Rongsheng’ Singapore unit purchased medium-sour grades from the Persian Gulf — the baseload for its refinery — such as Abu Dhabi’s Upper Zakum, Qatar’s Al-Shaheen and Iraq’s Basrah Light cargoes, according to the traders. The phase 2 expansion of its Zhoushan-based refinery is expected to double processing capacity to 800,000 barrels a day.

Rongsheng Petrochemical didn’t immediately respond to an email seeking comment on the matter.

Teapots are expected to ramp up crude purchases for January-arrival, traders said, with some companies already showing interest for spot purchases.

Beijing started allowing teapots to directly import crude in 2015 as part of an effort to increase private investment in the energy industry. The independent refiners, mainly based in Shandong province,

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Mega-Refiner’s Oil Buying a Bright Spot for Constrained Market

Mega-Refiner’s Oil Buying a Bright Spot for Constrained Market

(Bloomberg) — A Chinese mega-refiner is snapping up barrels of Middle Eastern crude in a rare bright spot for a market hampered by dwindling import quotas after a buying spree earlier in the year.



a group of people on a bridge over a body of water: A crew man stands on the deck of the crude oil tanker 'Devon' as it sails through the Persian Gulf towards Kharq Island oil terminal to transport crude oil to export markets in the Persian Gulf, Iran, on Friday, March 23, 2018. Geopolitical risk is creeping back into the crude oil market.


© Bloomberg
A crew man stands on the deck of the crude oil tanker ‘Devon’ as it sails through the Persian Gulf towards Kharq Island oil terminal to transport crude oil to export markets in the Persian Gulf, Iran, on Friday, March 23, 2018. Geopolitical risk is creeping back into the crude oil market.

Rongsheng Petrochemical Co.’s Singapore unit has purchased at least 7 million barrels in the spot market so far this month for delivery in December and January, according to traders who asked not to be identified because the information is private. The company is buying up crude to feed a trial run operation of its expanded refinery in Zhejiang province this quarter.

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Chinese crude imports rose in September for the first time in three months as companies sought oil for new and expanding plants. Inbound shipments may struggle to reach June’s peak through the rest of the year after independent refiners used up most of their quotas. The processors, known as teapots, played an outsized role in supporting oil prices this year after a buying frenzy following a rapid recovery from the pandemic.

Rongsheng’ Singapore unit purchased medium-sour grades from the Persian Gulf — the baseload for its refinery — such as Abu Dhabi’s Upper Zakum, Qatar’s Al-Shaheen and Iraq’s Basrah Light cargoes, according to the traders. The phase 2 expansion of its Zhoushan-based refinery is expected to double processing capacity to 800,000 barrels a day.

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Rongsheng Petrochemical

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COVID-19 Recovery Analysis: Spot Welding Robots Market | High Operational Efficiency of Spot Welding Robots to Boost Market Growth

COVID-19 Recovery Analysis: Spot Welding Robots Market | High Operational Efficiency of Spot Welding Robots to Boost Market Growth

Technavio has been monitoring the spot welding robots market and it is poised to grow by USD 79.40 million during 2020-2024, progressing at a CAGR of about 1% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201007005533/en/

Technavio has announced its latest market research report titled Global Spot Welding Robots Market 2020-2024 (Graphic: Business Wire)

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. We offer $1000 worth of FREE customization

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ABB Ltd., Comau Spa, DAIHEN Corp., FANUC Corp., Fiat Chrysler Automobiles NV, Kawasaki Heavy Industries Ltd., Midea Group Co. Ltd., NACHI-FUJIKOSHI Corp., The Lincoln Electric Co., and Yaskawa Electric Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

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The high operational efficiency of spot welding robots has been instrumental in driving the growth of the market. However, the low adoption of robots among SMEs might hamper the market growth.

Technavio’s custom research reports offer detailed insights on the

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