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China CPP Exports at 5-Month High in September

Oil

China’s CPP exports rose 323K b/d m-o-m and 507K b/d y-o-y to a 6-month high of 1.22M b/d in September, customs data show. Gains were led by a 180K b/d monthly increase in exports of gasoline to 468K b/d, which was the highest level on record. Shipments of kerosene rose by 93K b/d m-o-m and 133K b/d y-o-y to a 6-month high of 390K b/d, while those of diesel were up by 50K b/d m-o-m and 111K b/d y-o-y at 365K b/d.  

Robust CPP exports in September were underpinned by record high Chinese refinery throughputs during the month of 13.8M b/d (+1.03M b/d m-o-m, +1.26M b/d y-o-y).

By early afternoon in London, ICE Brent was trading at $60.08/bbl, up $1.12/bbl from the end of Monday’s trading.