China’s diesel exports tumble

Oil

China’s diesel exports plummeted by 270K b/d (or 40%) m-o-m to 401K b/d in May, the lowest level since December 2020, according to China customs data. This decline comes as refiners prioritised domestic consumers after fuel output had been slashed amid the peak refinery maintenance season, Reuters report. Loadings of gasoline rose by 8K b/d m-o-m to 420K b/d, which is 237K b/d higher than the same month last year after the initial coronavirus outbreak curbed travel demand. Exports of jet fuel declined by 28K b/d m-o-m to 143K b/d, a three-month low.