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India CPP Exports Jump in September

Oil

India’s combined CPP exports rose 453K b/d m-o-m and 177K b/d y-o-y to 1.59M b/d in September, which was the highest since at least September 2010 (when SSY began collating Indian CPP export data), Petroleum Planning and Analysis data show. Gains were led by a 290K b/d monthly increase in exports of diesel to 860K b/d, which was also the highest since at least September 2010. Shipments of gasoline rose by 70K b/d m-o-m to 320K b/d, but were still 10K b/d lower y-o-y. Exports of naphtha and kerosene were up by 40K b/d m-o-m and 50K b/d m-o-m at 230K b/d (+10K b/d y-o-y) and 190K b/d (+20K b/d y-o-y) respectively.

Robust CPP exports in September came despite Indian refinery runs during the month falling by 447K b/d m-o-m and 351K b/d y-o-y to 4.74M b/d, which was the lowest since May 2016.

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