China’s gasoline exports rise on new quotas; diesel, jet below expectations

China’s gasoline exports rise on new quotas; diesel, jet below expectations

18 Aug    Finance News

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SINGAPORE — China’s July gasoline exports

rose 19% over a year before to a three-month high, data showed

on Thursday, as refiners took advantage of new quotas to send

more fuel abroad and ease bulging domestic stocks.

Gasoline shipments totalled 880,000 tonnes last month, the

highest since April, although year-to-date volumes remained 37%

below the same year-ago period, data from the China General

Administration of Customs showed.

Exports of diesel and aviation fuel, however, took analysts

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by surprise with volumes much lower than their forecasts.

Diesel exports only edged up from June to 360,000 tonnes

last month, about half the forecast levels and a fraction of

1.39 million tonnes in July 2021.

Exports of jet fuel also fell, by 27% over a year earlier at

480,000 tonnes, the lowest monthly volume since January 2021.

Year-to-date exports stood 8.6% higher than a year before.

China issued two batches of export quotas in June and July,

after companies lobbied for more permits to help thin

overflowing inventories at home as extensive COVID lockdowns

stifled fuel consumption.

Exports of the three fuels is set to rebound in August to

near the highest for the year so far on new quotas, led by

diesel fuel, but the government’s broader curbs are set to cap

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shipments at seven-year lows for 2022.

Thursday’s data also showed China’s imports of liquefied

natural gas (LNG) in July fell 15.4% on the year to 4.74 million

tonnes. Year-to-date purchases were down 20% as companies avoid

high priced spot purchases and focus on term supplies.

Pipeline gas imports, primarily from Turkmenistan and

Russia, rose 8% on the year to 3.96 million tonnes. Imports

during the first seven months were up nearly 11% year-on-year to

26.28 million tonnes, data showed.

Table below shows trade details, volumes in million tonnes.

Exports July y/y % change Jan-July y/y % change

Gasoline 0.88 19 6.44 -37.4

Diesel 0.36 -74.2 2.42 -83.2

Jet fuel 0.48 -27.1 4.76 8.6

Import July y/y % change Jan-July y/y % change

LNG 4.74 -15.4 35.93 -20.3

Piped gas 3.96 8 26.28 10.8

(Reporting by Chen Aizhu; editing by Richard Pullin and Mark



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