ICIS launches China Crude Report

ICIS has launched
its new China Crude Report (CCR), which will be produced in English and Chinese
by the ICIS China team in Guangzhou.  Data will also be available on the
C1 terminal.  Sold through ICIS China, the daily report will enable
Chinese buyers of imported crude oil and other market participants to measure
the relative delivered cost of international crude grades to the Chinese
market.

The CCR
uses FOB/CIF price assessments from the ICIS World Crude Report and freight
rates from Simpson Spence and Young (a leading ship broker) to create forward
CIF China assessments.  This is done by pricing each crude grade at a
differential to the forward curve for the nearest main marker grade (BFOE,
Dubai or WTI), at 30, 60 and 90 days, with freight rates
then added for the relevant route into
China.

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