28 October 2025: 08:30 GMT
A lot of fun and games in the spot partials trading but let’s start first with the funny mentals. China’s sanctioned terminal is reportedly going full Russian because a) they are sanctioned and all they can get is Russian and Iranian and b) nobody will touch with a barge pole except the Russians and the Iranians. This is the real effect of the sanctions. And the Indians are playing a two-sided game buying some non-Russian while not fully rejecting it. Sources say Tatneft will be busy selling loads of Russian crude. And the mechanical issues are huge. A Kuwait unit essentially burned down and runs dropped so much that they need to sell extra crude in tenders. And the Indians are also facing acidity issues -not just with Trump but at one of the HPCL units. Messy…end result gasoil goes up and is also worrying Pakistan and others who are short.
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