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China Daily Oil Summary: Refined Product Exports to Rise by 10%

OIL

China’s refined fuel exports will likely rise by at least 10% in January m/m to between 3.5 million and 3.6 million metric tons according to consultancies and trade sources contacted by Reuters.

  • Chinese refiners are actively looking for crude cargoes for March-April delivery to replenish stocks while prices are relatively low and demand is muted, according to Reuters.
  • The lunar New Year holiday travel boom will support China’s gasoline and jet fuel demand, according to BNEF. China is expecting a record 37m vehicle trips per day during the holiday. Airlines are expecting a total of 80m travellers.
  • YUAN: The currency weakened to 7.1838 against the dollar from the previous 7.1721.
  • FROM THE PRESS: China should intensify pro-growth efforts to stabilise expectations and boost confidence, and push for stronger measures as policies have lagged the market curve, wrote Guan Tao, former director of the international payments department at the State Administration of Foreign Exchange.
  • BONDS: The yield on 10-year China Government Bonds was last at 2.5240%, up from the previous close of 2.5303%, according to Wind Information.
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