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OIL PRODUCTS
Weaker clean oil product margins could weigh on outflows from China in H2, despite expectations that the government may significantly raise export quotas for refiners, Platts said.
- The Chinese government is considering the release of 15m mt of oil product export quotas in September, taking the total clean oil product export quotas to 48m mt for 2024.
- In H1, clean oil product exports declined 2.7% on the year to 19.86m mt (865k b/d) due to slower overseas demand and thin export margins. This leaves around 13.14m mt of quotas for H2.
- China’s 2024 clean oil product exports have widely been expected to remain steady at 40m mt, amid poorer export margins and a slight surplus domestically.
- Platts forecasts China’s export margin for gasoline to remain negative from Aug.-Dec, while gasoil will be profitable overall in H2, but will vary by the month.
- Platts also expected China to export 3.27m mt of gasoline, gasoil, and jet fuel in August, up 2.5% on July.
Source: S&P Global Commodity Insights
Source: S&P Global Commodity Insights
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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