Chinese diesel exports in May hit their lowest level in 2021




China shipped 1.68 million tonnes of diesel last month, data from the General Customs Administration showed on Friday. This compares to 2.72 million tonnes in April, but was still above 1.45 million tonnes in May of last year.

Gasoline exports in May were 1.55 million tonnes, up 5% from April and more than double the low base of May 2020 when the COVID-19 pandemic dampened demand travel abroad.

Kerosene exports increased 1.8% year-on-year to 570,000 tonnes.

Chinese refiners have been revising since late March, affecting more than one million barrels per day of crude processing capacity in April and May.

Even when refiners resume full-scale operations in June, analysts don’t expect fuel exports to pick up as Beijing’s crackdown on cheap diesel-gasoline is expected to reduce oversupply in the domestic market. .

The central government has also launched an investigation into the illicit trade in crude oil quotas by independent and state-supported refineries, which is expected to curb the production of refined products at some small refineries.

Shandong-based energy consultant JLC ​​estimates that China‘s exports of petroleum products will continue to decline in June, with gasoline dropping to 980,000 tonnes and diesel to 1.55 million tonnes.

Customs data on Friday also showed that China’s imports of liquefied natural gas (LNG) stood at 7.03 million tonnes in May, a record high for the month, supported by strong demand from the industrial and power sectors.

Below is the latest customs data on fuel exports and LNG imports in millions of tonnes. Percentage changes in the table are based on Reuters calculations.

Exports May a / a Jan-May a / a

% change% change

Gasoline 1.55 127.9 8.11 13.9

Diesel 1.68 15.9 10.65 3.3

Kerosene jet 0.57 1.8 2.81 -59.8

Imports

LNG 7.03 34.4 33.23 30.4

(Reporting by Muyu Xu and Dominique Patton; editing by Jan Harvey)



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