The oil market continued to strengthen yesterday as concern over the demand impact from the Omicron variant starts to fade. Brent managed to rally more than 3.4%, taking it back above the US$75/bbl mark. Although, the prompt Brent time spread has not seen the same sort of strength as the flat price.
The latest trade data from China shows that crude oil imports over November increased by 15% MoM to average 10.21MMbbls/d over the month. However, volumes were still down 8% YoY. While YTD imports are still down more than 7% YoY. Refined product exports from China totalled 4.19mt over the month, an increase of more than 6% MoM. However, volumes are still down more than 15% YoY. Lower export quotas and a tighter domestic products market have weighed on Chinese oil product exports.
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