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OIL PRODUCTS
China’s exports of refined products – namely gasoline, gasoil, and jet fuel – totalled 2.55m mt in July, according to OilChem.
- This represents a fall of 8.93% on the month and is below the planned level of 3.25m mt.
- By product type: gasoline – 0.86m mt, gasoil – 0.77m mt – jet fuel/kerosene – 0.92 mt.
- The low export levels were driven by continued weakness in export profits, averaging averaged 501 y/mt (~$70/mt) for gasoil and 439 y/mt (~$61.50/mt) for gasoline in July.
- Nonetheless, July’s export levels improved relative to June which had temporarily turned negative, OilChem added.
- China’s refined product exports in August are expected to remain low as profit margins remain depressed and export quotas deplete.
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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