China's oil trading giant Unipec has swept up low-priced supplies of crude from Abu Dhabi, Brazil and the United States, taking advantage of a drop in supertanker freight rates and spot prices in a well-supplied market, traders said.
come amid expectations for a rebound in oil demand in the second quarter after the world's second largest economy scrapped a "zero-COVID" policy last year.
Another trader said the rise in purchases may show Sinopec is getting ready to crank up operation once demand grows. Spot discounts for U.S. Mars crude for February delivery narrowed to $2.50 against West Texas Intermediate benchmark, the highest since Nov. 17, largely supported by the increased cargo buying, two U.S.-based traders said.
Analysts expect China's oil demand to resume from March, with a return of industrial activity alongside an economic rebound, while more people are set to travel after recovering from COVID-19 infections.Sun Jianan, an oil analyst from Energy Aspects, expects China's fuel demand, primarily gasoline, diesel and jet kerosene, to reach 8.9 million barrels per day in the second quarter of 2023, up 16% on the 2022 period and up from about 8.5 million bpd in the first quarter.
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