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China’s July Mid Distillate Exports Seen Stable on Month: Reuters

OIL PRODUCTS

China’s key oil majors are likely to export 0.6m-0.7m mt of diesel and 1.9m mt of jet fuel for July, industry sources told Reuters, largely stable on the month.

  • June volume exports for both products were seen at 0.7m mt and 2m mt respectively.
  • There are still expectations for some sellers to adjust these volumes, given the strength of export margins in the most recent two weeks, a China-based source told Reuters.
  • Refining margins have fallen below $16/b for the first time in eight trading days.
  • Asia’s middle distillate markets started this week with limited activity as market participants await more July offers from refiners who are yet to finish sales, Reuters said.
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