China's gasoline exports fall 35.7% in July as profit margins weaken
BEIJING, Aug 18 (Reuters) -China's gasoline exports fell 35.7% in July from a year earlier, customs data showed on Sunday, as refiners lowered crude runs and held back from shipments due to weakening profit margins.
Gasoline exports stood at 790,000 metric tons last month, or 5.77 million barrels per day, data from the General Administration of Customs showed. China exported 1.22 million tons of gasoline in July last year and 930,000 tons in June.
"Motor fuel exports remain capped because of weak margins and production, due to refinery run cuts," said Emma Li, senior China oil analyst for Vortexa.
Export margins for gasoline were mostly negative between the second half of June and early July, roughly a loss of $3 to $4 a barrel for export sales, said a trader who declined to be identified as they were not authorised to speak to the media.
China's January-July crude oil throughput was down 1.2% at 419.15 metric tons, the statistics bureau reported on Thursday.
"China will likely issue more product export quotas to boost refinery runs," Vortexa's Li said.
Beijing manages exports of gasoline, diesel and jet fuel under a quota system, issuing several batches of allocations during the year, mostly to state-run producers, and viewing product shipments to global markets as a tool to manage domestic supply and demand balances.
Jet fuel shipments led the fuel exports, rising 20.2% to 1.76 million tons up from 1.47 million tons in July last year. In June, Jet fuel shipments totalled 1.65 million tons.
Jet fuel production rose 23.9% year-on-year during the January to July period, statistics bureau data showed on Friday.
Key oil majors are prioritising jet fuel production because of its more robust demand, given strong air travel performance domestically and international flight recovery, another trader said.
International flights rose 60% year-on-year in July to an average 2,111 daily, data from flight information provider Variflight showed. That represented 75% of the daily average for July 2019, before COVID-19.
Fuel provided to international flights is considered an export in customs statistics.
Diesel exports fell 41.2% on the year to 540,000 tons, a sharp drop from July 2023 when exports totalled 910,000 tons. In June, exports totalled 820,000.
Profit margins for diesel have improved in the last two months, but overall production has still fallen as refiners maximise jet fuel production.
Diesel output fell 4.7% to 119.39 million tons in January-July.
China's domestic diesel consumption has also slumped because of weakness in property and manufacturing, coupled with a shift to liquefied natural gas in the trucking sector, and the weakness is expected to persist in the second half of the year.
The data on Sunday also showed China imported 5.90 million tons of LNG in July, up 1.1% from a year earlier.
China's total exports of refined oil products, which also include marine fuel, were at 4.98 million tons for July, down 6% from 5.31 million tons in the same period a year earlier.
Exports | July | y/y % change | YTD | y/y % change |
Gasoline | 790,000 | -35.7 | 5,710,000 | -22.7 |
Jet fuel | 1,760,000 | 20.2 | 11,410,000 | 39.1 |
Diesel | 540,000 | -41.2 | 5,830,000 | -30.7 |
Import | July | y/y % change | YTD | y/y % change |
LNG | 5,900,000 | 1.1 | 43,830,000 | 11.8 |
Reporting by Colleen Howe, Ella Cao and Bernard Orr in Beijing and Trixie Yap in Singapore; Editing by William Mallard
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
