SINGAPORE: China's exports of refined oil products could start 2023 with a drop of 40 per cent in January from December's figure, as Lunar New Year travel demand boosts domestic consumption of transport fuels, trading sources and analysts said.
On Friday , China reported its December refined fuel exports, which also include marine fuel oil, at 7.7 million tonnes, the highest since April 2020 and up a quarter from November, although 2022 annual exports remained 11 per cent below 2021. "Wholesaler and retail prices, especially for gasoline, have increased since the start of the year," said one trading source based in China, speaking on condition of anonymity.
Gasoline margins have recovered close to US$10 a barrel, the highest since August, on expectations of lower Chinese exports, traders said.
Source: Digital Coin News (digitalcoinnews.net)
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