Oil prices continued to climb on Friday despite worrying import data from China, with traders choosing to focus on increasing oil demand elsewhere. Friday, October 15th, 2021 The ongoing rally in natural gas prices continues to drive gas-to-products switching and driving oil prices higher. In Asia, there is a counter-seasonal mini-renaissance of HSFO utilization. Concurrently, demand for crude remains strong, with OECD stockpiles recording a week-on-week decline. Oil prices did come under pressure on Thursday from data that showed weakening Chinese imports, but bullish sentiment retook markets on Friday. China Drops Independent Import Quotas for First Time Since 2015. Having issued the much-anticipated fourth batch of import quotas for independent refiners, Chinese authorities have reduced the total volume of crude to be imported for the first time in six years, despite at least 1 million b/d capacity coming online this year. The 2021 total of import allowances, at 177 […]