China's largest state refiners have paused most refined product exports for October, as Beijing prioritises domestic fuel supply over overseas sales. PetroChina has reportedly cancelled a number of gasoline and jet fuel cargoes due to load this month, while Zhejiang Petrochemical did not schedule any export cargoes around the National Day holiday week, according to Reuters sources. Export approvals outside Hong Kong have yet to be issued by Beijing.
The move removes a significant volume of diesel, gasoline and jet fuel from international markets at a time when global middle-distillate supply is already tight. China has in recent years been a swing supplier of refined products to Asia, and any pullback tends to tighten regional cracks and support freight demand for alternative long-haul cargoes from the Middle East, India and the US Gulf Coast.
For traders and buyers of refined products, the suspension points to firmer diesel and jet fuel cracks in Asia and potentially in Europe, where diesel balances remain stretched following reduced Russian and Chinese flows. Logistics planners should expect continued volatility in freight rates for clean product tankers as buyers seek replacement barrels from alternative origins.
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Original note by GIDEX Group based on reporting by Oilprice.com. Written up by the GIDEX market desk — see how these notes are made. Not investment advice.
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