SINGAPORE — China may close the year with record shipments of key transportation fuels in December as refiners rush to use their export quotas and maximize overseas profits to compensate for tepid domestic fuel demand caused by COVID-related curbs.
December exports of diesel, gasoline and aviation fuel combined are estimated at 6.5 million to 7.1 million tonnes, led by diesel shipments that could reach 3 million tonnes, according to estimates from Chinese consultancy Longzhong and JLC, Refinitiv Oil Research and several trading sources.
China’s diesel exports hit an all-time high of 2.83 million tonnes in March 2020, followed by a record 6.5 million tonnes in April for all three products, according to Chinese customs data.
Bumper shipments from China will weigh on Asian refining margins, particularly for diesel, as refiners’ profit from producing the fuel from Dubai crude has already shed 15%-30%…
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