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China Daily Oil Summary:

OIL

China diesel exports are expected at ~1mn tons in September according to OilChem, up from 610,000 tons in August.

  • Diesel inventories in China increased by 1.6% w/w to 17.03m tons in the week to 24 Aug according to OilChem data. Inventories are now the highest level since July 2022.
  • MNI (Beijing) - POLICY: China’s Ministry of Finance announced authorities will refund personal income tax paid on property sales if residents sell property and buy a higher value home within one year.
  • YUAN: The currency weakened to 7.2884 against the dollar from 7.2777 on Thursday.
  • The Ministry of Finance has issued a notice calling for authorities to implement tax and fee reduction policies for SMEs.
  • (From earlier this week) -Onshore Chinese crude inventories dropped significantly at the end of July, falling nearly 30 Mbbls over the two weeks through 6 August according to Kpler.
  • CDU capacity utilisation rates at China’s independent refineries averaged 63.07% in the seven days to Aug. 24, according to OilChem,
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