“As the impact from typhoon gradually subsided from seond-half of September, discharging and clearance of inbound crude cargoes picked up pace. Port operations should continue at high capacity in the near-term. This coupled with reduced inbound flows of fresh cargoes should further draw down floating storage in the coming weeks.”
“Independents (teapots and mega private petchem refineries) remained the main drivers of China’s crude imports in September. In contrast to strong imports growth in the second and third quarters, China’s crude imports growth is likely to be muted in 4Q20 due to historical high crude inventories and a higher import base recorded in 4Q19.”
