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China Diesel Exports Hit Record

China Diesel Exports Hit RecordChina Diesel Exports Hit Record

China’s diesel exports increased to a record in May as easing demand forced refiners to send surplus fuel overseas, while gasoline shipments rose amid swollen stockpiles. The nation’s outbound diesel shipments jumped to 1.48 million tons last month, while gasoline exports increased to 780,000 tons, the highest since December, data from the General Administration of Customs in Beijing showed on Tuesday, Bloomberg reported. Hong Kong received about 20% of diesel cargoes, making it the biggest destination, followed by the Philippines. About 60% of gasoline shipments went to Singapore. Domestic diesel consumption has remained weak, with demand falling 8.6% from a year ago in April, while its refiners registered the fastest daily rate on record during the month, according to data compiled by Bloomberg. The nation’s fuel stockpiles increased 560,000 tons at the end of last month from a year earlier to a "relatively high" level, the National Development and Reform Commission said Tuesday.

 

Financialtribune.com