Emerging from the coronavirus lockdown, China’s oil refiners are buying ultra-cheap spot cargoes from Alaska, Canada, and Brazil, taking advantage of the deep discounts at which many crude grades are being offered to China with non-existent demand elsewhere. The discounts of spot cargoes of Canada’s Cold Lake blend, Alaska North Slope, and Brazil’s Lula grades vary between $5 and $9 a barrel to Brent, traders in Asia told Bloomberg on Friday. China’s refiners are said to be pretty much the only buyers of spot crude right now, as both state-owned corporations and independent refiners—commonly known as ‘teapots’ – are taking advantage of the cheapest oil in years to stock up on crude worth $15 a barrel or less. Independent refiners bought spot cargoes of Cold Lake from a European trader at a discount of $8-$9 a barrel to Brent, while Alaska North Slope and Brazilian grades have been sold […]