The Magazine for Asian Investors
China’s gasoline exports rose 19% year-on-year to 880,000 tons in July, the China Customs Administration (GAC) reported. This was the highest level in three months as refiners reduced domestic stocks after Chinese authorities granted more quotas on fuel exports.
Oil exports in the first 7 months of this year remained 37% below the level of the same period last year.
Exports of diesel and jet fuel rose less than analysts had expected. Diesel exports rose slightly in July from June to 360,000 tons, about half of analysts’ expectations, compared with 1.39 million tons in July 2021. Jet fuel exports fell 27% year-on-year to 480,000 tons in July, the lowest level since January 2021. Exports in the first 7 months of this year were 8.6% higher than the same period last year.
In addition, China’s imports of natural gas (LNG) fell 15.4% year-on-year to 4.74 million tons in July and 20% in the first seven months of this year after companies avoided buying expensive spot gas and focused on purchasing under contract.
Gas imports via pipelines, mainly from Turkey and Russia, increased by 8% to 3.96 million tons in July and by almost 11% to 26.28 million tons in the first seven months of the year.