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YGRN - Large Increase In Crude Oil Flows From USA To China While Korean Imports Fell Sharply
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
China's imports of US crude oil are expected to hit record-high levels in July with cargoes shipped in May having surpassed 550,000 b/d. Cargoes loaded on ships in April have been the first since November 2019. Chinese refiners have been rushing to secure bargains when available US crude oil barrels increased, oil prices were under severe pressure due to additional production from Saudi Arabia and tanker freight rates started declining after the peak observed in April. Loading activity has remained strong in first half of June, with volumes above 400,000 b/d so far. This is