Some Chinese refiners have not nominated term crude cargoes from Saudi Arabia for August, while others have not been allocated any term supply for next month, as weak demand in China, competition from other producers, and continued disruptions at the Strait of Hormuz have slashed Saudi supply in recent months. At least two refiners in China have not asked for any term cargo deliveries for August, and a few others have not received provisional allocation volumes, traders with direct knowledge of the supply arrangements told Bloomberg on Tuesday.…

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.