OIL: China Crude Imports Fall 5% y/y in Jan-Feb, Impacted by US Sanctions
China's crude oil imports fell 5% y/y in the first two months of 2025 to 83.85m tons, or 10.38mbpd, from 10.74mbpd in the same period last year, according to General Administration of Customs data.
- Combined import data for January and February is release to account for the Lunar New Year holiday in late January this year.
- Deliveries were impacted by US sanctions on Russia and Iran and the Shandong Port Group ban on arrivals on sanctioned tankers.
- China's crude oil imports are expected to rebound in March and April as higher freight rates attract more non-sanctioned tankers and with increased purchases of alternative grades, Reuters sources said.
- Feedstock imports by independent refineries into Shandong Province and adjacent regions is expected to have risen over 20% m/m and exceeded 8.50m mt in February, according to OilChem.
- Jan -Feb oil product exports were down 18% y/y to 7.21m tons and oil product imports were 6.343m tons, customs data showed.
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Historical bullets
MNI: EUROZONE JAN FINAL SRVCS PMI 51.3 (FLASH: 51.4); DEC 51.6
- MNI: EUROZONE JAN FINAL SRVCS PMI 51.3 (FLASH: 51.4); DEC 51.6
- EUROZONE JAN FINAL COMP PMI 50.2 (FLASH: 50.2); DEC 49.6
CROSS ASSET: Yields are pushing lower
Looking at the German 10yr Yield, as mentioned in the Opening Bund comment, risk remains to the upside in Futures, and further momentum will highlight the 2.30% level, printed a 2.309% low in January.
Today, reference 133.40:
- 2.30% = 134.19.
For support, while Yesterday's low is situated at 132.72, initial area of interest comes at 132.34 (Monday's opening gap).
Watch Tnotes here, testing session high, decent buying interest is going through, and while this Week saw a 109.20 high print, the next area of interest comes at 109.29, not a Tech level, but where it was trading at pre 18th December FOMC Hawkish meeting.
USDJPY lis through 153.00, with next support seen at 152.55 61.8% retracement of the Dec 3 - Jan 10 bull leg.
MNI: GERMANY FINAL JAN SRVCS PMI 52.5 (FLASH: 52.5); DEC 51.2
- MNI: GERMANY FINAL JAN SRVCS PMI 52.5 (FLASH: 52.5); DEC 51.2
