Des Shandong: Pricing China’s physical crude market

Author Tom Reed

China is the world’s largest crude importer, and the Shandong market accounts for over a third of all receipts. This northern province, home to most of the country’s independent refiners, plays an increasingly prominent global role, with prices paid there helping set the level at which the seaborne crude market clears.

Shandong market dynamics remain opaque and little-understood outside China. But, today, Argus introduces a new suite of delivered spot prices for key Shandong grades trading at differentials to Ice Brent futures — bringing visibility and transparency to this major market.

China's physical crude market

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