A Glance of China Oil Market 20260209

Weekly News

China Jan refined oil exports down 9% MoM

According to OilChem's tracking of the shipping fixture, China's exports of refined oil, including gasoline, gasoil, and kerosene, totaled 1.68 million tonnes in January 2026, a drop of 9.19% from the previous month primarily due to contracting kerosene exports amidst oversupply in the Asian market. The January exports by shipping fixture consisted of 0.55 million tonnes gasoline, 0.35 million tonnes gasoil, and 0.78 million tonnes kerosene (including exports under general trade mode and excluding those under bonded trade). Read Full Story

China Feb gasoline demand to rise nearly 4% YoY

China's gasoline consumption is likely to see increases both month-on-month (MoM) and year-on-year (YoY) thanks to the travel peak during the Chinese New Year (CNY) holiday as well as rising traveling enthusiasm among people, according to OilChem's analysis. In detail, China's gasoline consumption is estimated to average 469,600 tonnes/day in February, an increase of 12.75% MoM and 4.35% YoY, OilChem's analysis showed. With the CNY holiday season being the traditional travel peak, China's gasoline consumption recovers rapidly over January-February, especially February when the holiday kicks off. Read Full Story

Three signals behind China's naphtha consumption tax reform

At the start of 2026, China's energy and chemical markets have been dominated by discussions about a potential naphtha consumption tax. Market participants are watching closely for an official policy document, yet behavior in trading and procurement has already started to adjust ahead of any formal release. In recent industry conversations, a recurring frustration has emerged: tax-related costs for blending are rising even though the policy is not yet fully implemented, and a measure presented as closing loopholes appears to be reshaping the entire cost structure. Read Full Story