A Corner of the Oil Market Shows Why It's So Tough to Read China - Bloomberg Business:
"Glencore Plc’s Ivan Glasenberg has lamented the difficulty of reading China’s commodity demand. The nation’s oil traders aren’t helping.
State-run China National United Oil Corp., a unit of the country’s biggest energy company, bought 36 million barrels of Middle East crude last month as part of a pricing process in Singapore used to determine commodity benchmarks around the world. While the purchases by the trader known as Chinaoil were unprecedented, what’s more unusual is that the seller of most of those cargoes was another government-owned trading company called Unipec.
“It’s unsettling and confusing for other players, and defies market logic,” Victor Shum, vice president at IHS Inc., an Englewood, Colorado-based industry consultant, said by phone from Singapore."
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