CLYDE RUSSEL: Asian refiners cash in on China’s plunging diesel exports

Slumping diesel exports from China are proving a boon to other refiners in Asia, with the profit from producing the fuel rising to the highest in 18 months.

Diesel exports have been on a downward trend since March 2021, when they were 2.81 million tonnes, or about 680,000 bpd. The total for the first eight months of the year is now 3.5% below the same period in 2020. The crack did slip back a tad to $7.92 on Monday, but it is still more than double the 2021 low of $3.44 a barrel recorded on August 24. That’s a rally of 130% in the past four weeks.

While the profit for producing diesel is recovering, the same cannot be said for petrol, with the crack for making the motor fuel from Brent crude at a Singapore refinery dropping to $6.87 a barrel on Monday, down from a 2021 peak of $9.92 on August 5. It’s not just China that is exporting less petrol, with shipments from India expected by Refinitiv Oil Research to drop for a fourth straight month in September, while Singapore is also forecast to export less in September than in August.

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