OIL: Shandong Teapots’ Inventory Falls on Week: OilChem
May-07 16:41
In-plant crude inventories at Shandong’s independent refineries were down 25k mt in the week to May 7 to 2.437m mt, according to OilChem.
- This is down from 2.641m mt seen during the same period in 2024.
- Inventory rates were down 0.2 percentage points to 41.4% over the same period, OilChem added. This compares to 43.9% over the same period last year, OilChem said.
- Shandong’s Teapots are facing pressure due to poor refinery margins and less favourable tax relief policies.
- Some Chinese refineries have halted processing amidst tariffs on US LPG, according to ICIS cited by Bloomberg.
- These include: Shandong Lushenfa Chemical., Anqing Taiheng Chemical Technology. and Anqing Taifa Energy Technology
- Outside of Shandong, concerns over potential supply disruptions amid tightening US sanctions and lower oil prices have prompted stockpiling by Chinese majors, while sanctioned crude imports remain near record highs, according to Vortexa.
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Historical bullets
OPTIONS: Larger FX Option Pipeline
Apr-07 16:32
- EUR/USD: Apr10 $1.0900-10(E2.6bln), $1.0935-50(E2.4bln)
- USD/JPY: Apr09 Y147.40-50($1.1bln); Apr10 Y143.00($1.3bln)
- EUR/GBP: Apr09 Gbp0.8405-20(E1.1bln)
- AUD/USD: Apr10 $0.6400(A$1.3bln)
- USD/CAD: Apr10 C$1.4395-00($1.5bln)
- USD/CNY: Apr10 Cny7.4000($1.4bln)
US DATA: Loan Demand Pulls Back In Dallas Survey, But Still Stronger Than 23-24
Apr-07 16:27
The latest Dallas Fed banking survey, collected just shy of Liberation Day tariffs, showed a sharp deceleration in loan volume and demand growth compared to responses from six weeks ago but it was still healthier than readings through 2023-24. The balance for changes in lending standards meanwhile was similar to previous readings.
- The survey was conducted Mar 24-Apr 2 and so offers a useful update on lending trends although does of course miss out on the fallout from the significant escalation in tariffs after the Apr 2 “Liberation Day” announcement.
- Loan demand: current balance at 6.1 after 30 for its lowest since Nov but still better than a string of all but one negative readings through Oct 2022 – Nov 2024; future balance at 27.7 after 56.3 for lowest since Aug 2024.
- NPLs: current balance +19.4 after +15.7 in mid-Feb survey (highest since Nov and before that Jul). The future balance increased to +22.3 after +14.1 for its highest since Aug 2024 but it’s still well below recent highs of a net 55% in 2023 expecting NPLs to increase over the next six months.
- See the below charts for context:
ITALY T-BILL AUCTION PREVIEW: On offer this week
Apr-07 16:24
MEF has announced it will be looking to sell the following at its auction this Thursday, April 10:
- E1.5bln of the 2-month Jun 13, 2025 BOT
- E7.0bln of the new 12-month Apr 14, 2026 BOT
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