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China Daily Oil Summary: Clean Product Exports Down in Feb

OIL

China’s planned exports of refined oil products, namely gasoline, gasoil, and jet fuel, are set to fall 13.65% on the month in Feb to 3.48m mt, according to OilChem. This represents a fall of 7.64% compared to February 2023.

  • China’s gasoline prices are expected to fall in February amid softening market sentiment and falling consumption, according to OilChem. Gasoline consumption is expected to fall by 3% to 0.44m mt/d in February. Demand will peak around Chinese New Year before slumping.
  • Chinese independent refiners are reluctant to buy Iranian crude in February as the issues over pricing terms run into a second month according to Reuters sources. The independent refiners are struggling to find cheap alternatives to sanctioned Iranian barrels and may be forced to cut run rates.
  • YUAN: The currency strengthened to 7.1773 against the dollar from the previous 7.1797.
  • FROM THE PRESS: China’s vice premier He Lifeng has called on authorities to support listed firms to promote high-quality financial development, improve confidence and stabilise the capital market.
  • BONDS: The yield on 10-year China Government Bonds was last at 2.4450%, down from the previous close of 2.4880%, according to Wind Information.
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