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China’s Diesel Stocks Shrink, While Exports Hit Record High


China’s commercial inventories of diesel decreased by 671K bbls m-o-m and more than 14M bbls y-o-y to a multi-year low of 43.7M bbls, Reuters reports, citing its own calculations combined with data from state news agency Xinhua. China’s diesel stocks had swelled earlier in the year, peaking at over 85M bbls in February. However, since then the country has i) increased its exports of the product (with volumes averaging a record high of 425K b/d in December, China Customs data shows) while ii) domestic manufacturing activity has also improved, with the official China Manufacturing Purchasing Managers’ Index (PMI) rising from a 5-year low of 49.0 in February 2016 to a 2-year high of 51.7 by November.