Some of China’s independent refiners, the so-called teapots, are making a rare foray into the prompt Middle Eastern crude supply by buying cargoes of Abu Dhabi’s Murban grade for delivery in June, anonymous sources with knowledge of the deals told Bloomberg on Friday. The buyers, independent refiners Fuhai Group Co.
and Shaanxi Yanchang Petroleum Group, bought 1 million barrels of Murban crude each, at a premium of about $5 above the August ICE Brent futures, traders told Bloomberg. …Chinese Teapots Buy Abu Dhabi Crude as Fuel Oil Prices Jump
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