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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL PRODUCTS
Chinese diesel exports have surged in July on lower domestic demand and good margins, Vortexa data showed.
- In the first 11 days of July diesel exports average more than 300kbpd.
- Oil processors in southern China make almost 280 yuan ($39) a ton more by exporting diesel to Singapore than selling it domestically, the highest level since the start of the year according to Oilchem estimates.
- Refiners in China ship their products overseas under a nationwide quota system, with allocations issued in stages to processors by product. This month, state refiners are set to raise runs to 10mbpd, the highest rate this year, after seasonal maintenance came to an end.
- “China certainly has the capacity to ramp up diesel exports later this year,” said Zameer Yusof, senior oil analyst at Kpler, although he cautioned that the actual level depends how much additional quota firms receive.
- Kpler’s latest supply-and-demand projection suggests a monthly diesel surplus of around 750-800kbpd for the rest of the year, Yusof said.
- China’s state-owned refineries are expected to ramp up production by 6.41% on the month to 43.84mn tonnes of feedstock, Oilchem said.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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