China's refined oil exports recorded 3.1 million tonnes in February, including 1 million tonnes gasoline, 0.84 million tonnes gasoil, and 1.26 million tonnes kerosene, rising 4.03% month on month owing to high export profits, according OilChem tracking of the shipping schedules.
In detail, the export profits of gasoline and gasoil averaged Yuan 574/tonne and Yuan 781/tonne respectively through February via the ports in East China, a monthly growth of 38.91% and 16.69%.
Source: Mysteel OilChem
The gasoline export profits rose rapidly primarily because the gasoline demand boomed in Asia during the Chinese New Year holiday in February, in addition to bullish international crude oil prices. For gasoil, the demand was poor during the holiday, but the prices jumped still in Singapore thanks to rising crude prices.
In addition, China's gasoline and gasoil demand recovery was slow post the holiday, weighing on the domestic prices, allowing considerable export profits.
From a exporter-wise perspective, CNPC exported the most refined oil in February with a proportion of 39%, followed by Sinopec with a ratio of 22%, SinoChem 15%, independent refineries 13%, CNOOC 10%, and China Aviation Fuel Group 1%.
Written by Aggie Hu, huchenying@mysteel.com
Edited by Navy Liu, liuchuanjun@mysteel.com