China Boosts Fuel Exports as Domestic Stockpiles Swell
CommodityMacro
China increased fuel exports by 6.7% in July compared with June, even as annual exports fell 12.9%, according to Chinese customs data cited by Reuters. Refiners shipped 4.65 million tons of refined products including gasoline, diesel, jet fuel, and bunkering fuel, with diesel exports surging 88% to 810,000 tons amid a global diesel squeeze caused by the wars in the Middle East and Ukraine. Gasoline exports jumped 320% from June but remained 55.3% lower than a year earlier, while jet fuel exports rose 42% month-on-month but fell 33% annually, after Beijing relaxed fuel export curbs imposed in March following the closure of the Strait of Hormuz. The latest easing, announced earlier this month, allows 2.7 million tons of refined products to be exported through the end of August, with some volumes rollable to September, prompted by abundant domestic stocks that analysts say helped prevent a sharper oil price spike.
