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Chinese September Fuel Exports Sink
Chinese gasoline exports were at 160,000 b/d, down 35% m-o-m and 32% y-o-y, the lowest monthly level since October 2015 according to data released by the General Administration of Customs on Monday. Meanwhile, September diesel exports were at 290,000 b/d, down 17% m-o-m and a 26% y-o-y drop, and the lowest since January 2017.
The sharp decline in Chinese export quantities comes amidst increasing domestic demand ahead of winter, as well as refiners running out of export quotas, according to Reuters. Major refiners Sinopec and PetroChina have already applied for extra quotas to export more gasoline, diesel and jet fuel before the end of the year.