The average utilization rate of China’s independent refineries in the Shandong province stood at around 70.4% in 2020, up by about six percentage points from the 64.2% in 2019.
Gold glittered in 2020 with the best return among investment avenues.
The market sentiment in Asian petrochemicals may remain mixed in the week starting Jan. 11.
The Asian jet fuel and gasoil markets moved in divergent directions for the week beginning Jan. 11.
Oil retreated as the dollar strengthened, with the steam coming out of a recent rally, even as President-elect Joe Biden proposed a huge U.S. stimulus package and China’s economic recovery gathered pace.
Rising demand for oil is expected to drive increases in tanker traffic in the coming year.
Oil prices fell on Monday on renewed concerns about global fuel demand amid strict coronavirus lockdowns in Europe and new movement restrictions in China, the world’s second-largest oil user, after a jump in cases there.
The U.S. has classified Yemen’s Houthis as a foreign terrorist organization following a series of attacks on oil tankers in the Red Sea and as Washington seeks to increase pressure on Iran in the final days of Donald Trump’s presidency.
Correlation between the Market Bunker Price Index (MBP) vs MABUX Digital Bunker Price Index (DBP) in four major hubs on Jan.08 showed undercharging of 380 HSFO bunker grades in Singapore (-4 USD), Rotterdam (-10 USD) and overcharging in Houston (+16 USD).
Oil fell as the dollar strengthened.