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OIL PRODUCTS
China’s exports of refined oil - gasoline, gasoil, and jet fuel - totalled 2.75m mt in April, down 39.5% on the year, OilChem said, citing GACC data.
- Exports totalled 12.92m mt over the period Jan-April, down 14.85% on the year.
- The drop in exports was primarily driven by falling numbers for gasoline and gasoil, down 64.9% and 46.4% respectively.
- This was due to refinery maintenance, uneconomic export profits, and depleting refined oil export quotas.
- Refined oil exports are planned at 3.92m mt in May, although the actual exports could be higher than April amid sufficient export quotas and weakening domestic demand.
- CDU capacity utilisation rates at domestic state-owned refineries averaged 78.15% in April, down 1.93 percentage points on the month amid extensive maintenance.
Source: OilChem
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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