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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
China’s refined oil exports profits have been rising during 2024, according to OilChem, driven by sluggish domestic demand.
- Export profits of gasoline rose 116% from 152y/mt in January to 329 y/mt in South China for February.
- Gasoil profits averaged 580y/mt in February, compared to 290 y/mt in January.
- Extensive snowy weather in North China has kept a lid on gasoil demand, which is often used in the construction and agricultural sectors. The onset of the ploughing sector is likely to be supportive, however.
- Contrary to other sources, OilChem expect gasoline demand to improve amid a rise in commuting and school runs after the end of the Lunar New Year holiday. Platts see a slowing in gasoline demand following the holiday.
- Throughput through state-run refineries is forecasted to rise 1.2 percentage points, boosting output, and offsetting any demand uptick vis a vis profits.
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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