China Daily Oil Summary: Gasoline Exports Fell in Dec

MNI (London) - Chinese gasoline exports in December declined by 59.9% year on year to 770k tons, while diesel exports plummeted by 76% year on year to 670k tons last month, General Administration of Customs data showed, cited by Bloomberg, likely because export quotas ran low toward the end of the year.

• China’s total gasoline exports last year fell by 2.3% to 12.28mn tons, while diesel exports rose by 26% on the year to 13.77mn tons.
• China is estimated to have increased the volume of crude oil inventories in December as lower prices and muted demand encouraged refiners to raise imports and maintain high levels according to Reuters.
• Today, China’s biggest oil refiner Sinopec and energy major BP Plc signed a memorandum of understanding agreement to enhance cooperation in China.
• About 1.39 mn bpd were added to inventories in December it calculates – compared to 20kbd in November. December marked the quickest monthly growth pace since June 2023.
• YUAN: The currency strengthened to 7.1946 against the dollar from 7.1966 on Wednesday.
• BONDS: The yield on 10-year China Government Bonds was last at 2.5190%, up from Wednesday's close of 2.5060%, according to Wind Information.
• Policymakers should balance active fiscal policy between investment and consumption to maximise effectiveness this year, according to Luo Zhiheng, director at the China Chief Economist Forum. Luo called for wealth transfers to groups such as those below the poverty line and college students facing employment pressure.