Daily China Oil Summary: Export Quotas Poised for Release

The third batch of Chinese export quotas for refined products, estimate to total 12m mt, are to be released soon, according to OilChem.

• China’s refined fuel demand in H2 2023 is expected to increase by 10% compared to H2 2022, the President of PetroChina Huang Yongzhang said on Thursday.
• China’s manufacturing activity remains weak in August – contracting for a fifth consecutive month and adding to fears around a slow recovery.
• The official purchasing managers' index rose to 49.7 from 49.3 in July, the National Bureau of Statistics said on Thursday.
• China’s July crude imports were the weakest since January.
• CDU capacity utilisation across China’s independent refineries averaged 63.14% in the week to Aug. 31, and 50.6% among independent refineries in China’s Shandong region.
• China’s air passenger traffic hit a record high in July with the total trips made reaching 62.4 million, data from the Civil Aviation Administration of China showed. However, international air passenger traffic remained 51% below 2019 levels.
• YUAN: The currency strengthened to 7.2904 against the dollar from 7.2925 on Wednesday.