FED'S SCHMID - WE STILL HAVEN'T BEAT INFLATION BACK TO 2%

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

MNI China Daily Summary: Thursday, November 21

MNI BRIEF: China To Enhance Support For Foreign Trade - MOFCOM

MNI: FED BALANCE SHEET TOTAL ASSETS -$43B TO $6.924T IN WEEK

EZ/UK Bond Supply Calendar: UK Synd; EU-Bond Auction on Monday

US EIA:NAT GAS STORAGE -3 BCF TO 3,969 BCF NOV 15 WK

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: China’s Tax Move Could Cut Oil Exports: Citi

OIL
Energy BulletsChinaBulletAPACChinaCommodities

A recent decision relating to export taxes in China cut curb exports of oil products and trigger lower crude throughput, Citi said in a note cited by Bloomberg.

  • China is cutting the export tax rebate for several products including refined fuels from Dec. 1.
  • “[The move] may dent export competitiveness from China, even if the market had already priced in limited upside to Chinese product exports given ongoing run cuts,” Citi analysts said.
  • It could also trigger lower runs as refiners have to fight for domestic market share at a time when China’s market is suffering weakening demand and the start up of the new Yulong refinery.
  • In the near-term, product exports could rise before the export VAT rebate changes.
116 words

To read the full story

Close

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.

A recent decision relating to export taxes in China cut curb exports of oil products and trigger lower crude throughput, Citi said in a note cited by Bloomberg.

  • China is cutting the export tax rebate for several products including refined fuels from Dec. 1.
  • “[The move] may dent export competitiveness from China, even if the market had already priced in limited upside to Chinese product exports given ongoing run cuts,” Citi analysts said.
  • It could also trigger lower runs as refiners have to fight for domestic market share at a time when China’s market is suffering weakening demand and the start up of the new Yulong refinery.
  • In the near-term, product exports could rise before the export VAT rebate changes.