China’s independent refiners have ramped up their foreign oil buying after returning from prolonged summer maintenance to gear up for rising winter fuel demand, a sign that the financial pain from taxes and higher crude prices have ebbed for now. The pick-up in imports by private refiners, often called “teapots”, has boosted the physical prices of Middle Eastern and Russian oil to their highest in months. Their return to the market also comes as margins have improved after their extended shutdowns helped drain a glut of diesel and gasoline, boosting domestic fuel prices. The independents imported 6 million tonnes, or 1.4 million barrels per day (bpd) of crude in August, up 40 percent from July and 10 percent higher from the […]