China data: August gasoline, gasoil exports rebound from July
China’s gasoline and gasoil exports rebounded in August after declining for two consecutive months since June, despite limited export quota availability, S&P Global Platts’ calculations based on latest General Administration of Customs data showed. Gasoline exports in August totaled 1.26 million mt, up 41.6% from July, and up 39.1% from a year earlier.
Gasoil exports rose 2.6% month on month to 1.58 million mt in August, and were also up 7.5% year on year.
Market sources attributed the rebound in August to the bearish outlook for the domestic market in July, which had encouraged some state-owned refineries to export more barrels overseas amid limited availability of oil product export quotas.
In the first eight months, Chinese refiners exported 9.59 million mt of gasoline and 13.26 million mt of gasoil, jumping 42.3% and 22.4% year on year, respectively, according to the customs data.
This leaves just 2.54 million mt of quotas for gasoline exports and 3.92 million mt for gasoil exports for the rest of the year, until new quotas are allocated, Platts calculations showed.
Some refinery sources expect the third batch of export quotas to be released in October, but no updates were available as of Monday.
China has allocated a total of 12.13 million mt and 17.18 million mt of export quotas for gasoline and gasoil, respectively, so far this year.