China’s exports of refined oil products could start 2023 with a drop of 40 per cent in January from December’s figure, as Lunar New Year travel demand boosts domestic consumption of transport fuels, Reuters said, quoting trading sources and analysts.
The fall in exports from China, which has the world’s second-largest refining capacity after the United States, was expected to underpin Asian refiners’ margins for transport fuels.
Estimates for January exports of diesel, gasoline and jet fuel are between 3.8 million and 4.1 million tonnes, said Chinese consultancies Longzhong, JLC, and several trade sources. The price hike, which came as local traders and distributors stocked up in expectation of strong driving demand during the holiday season, narrowed export margins, the source added.Gasoline margins have recovered close to $10 a barrel, the highest since August, on expectations of lower Chinese exports, traders said.
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