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COVID-19 - News digest as of 15.04.2021

April 15/2021

1. China starts rebuilding oil stockpiles in early 2021

MOSCOW (MRC) -- China resumed storing crude oil in the first two months of the year with almost 1MM bpd being added to inventories in January and February, rebuilding stockpiles after a rare drawdown toward the end of last year, reported Reuters. About 920,000 bpd were directed to inventories in the first two months of the year, according to calculations based on official data. The build in inventories comes as refineries make use of new import permits for 2021, after the coronavirus pandemic and a dispute between exporters caused widespread market ructions last year. China doesn't disclose the volumes of crude flowing into strategic and commercial stockpiles. But an estimate can be made by deducting the amount of crude processed from the total amount of crude available from imports and domestic output.

2. Crude futures going down on profit-taking after overnight hike

MOSCOW (MRC) -- Crude oil futures ticked lower during mid-morning in Asia April 15 on profit-taking, after a bullish report from the US' Energy Information Administration sent prices hurtling nearly 5% higher overnight, while an improved demand forecast from the International Energy Agency provided a further boost to sentiment, reported S&P Global. At 10:43 am Singapore time (0243 GMT), the ICE Brent June slipped 3 cents/b (0.04%) lower than the April 13 settle at USD66.55/b, while the May NYMEX light sweet crude contract was down 10 cents/b (0.16%) at USD63.05/b. Prices ticked lower this morning as investors locked in profits after a meteoric rally overnight, which propelled the Brent and NYMEX light sweet crude markers to settle 4.57% and 4.94% higher at USD66.58/b and USD63.15/b, respectively.
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, COVID-19, China, USA.
Category:General News
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