CHINA DATA: June fuel oil exports jump 10.5%, diesel to Singapore at 6-mth low

Quantum Commodity Intelligence - China's exports of fuel oil jumped 10.5% on the month to just over 351,000 barrels per day in June, or 1.66 million mt, in line with the year-to-date average of 344,000 bpd, according to customs data released Tuesday.

The rise came amid a 4% monthly increase in refinery throughput in the country to 14.8 million bpd in June, which also saw exports of diesel and jet increase.

June's figure was down 34% from the same month last year when 535,000 bpd of fuel oil was exported, but up by more than half from 2019 when outflows were 224,000 bpd.

Destination data for China's gasoline and diesel exports during June was also released Tuesday, showing a healthy increase in outflows for both road fuels to Malaysia, while Australia and the Philippines took less gasoline and more diesel.

However, Singapore slashed its purchases of diesel from China to a 6-month low of 23,194 bpd, down 73% from May and 78% from June 2019.

The Philippines was the single largest buyer of diesel from China in June, with 25% of the total, or 146,000 bpd, followed by Australia with 19%, or 109,000 bpd, more than double the May total.

Meanwhile, Singapore took the most gasoline with 43%, 178,000 bpd, followed by Malaysia, which took 14%, or 58,000 bpd.

Malaysia's imports of gasoline from China grew more than 20-fold on the month after falling two a 2-year low of just 2,300 bpd the prior month and the country has ramped up imports of gasoline from China this year to an average of nearly 53,000 bpd in the first half of this year, up from 19,000 bpd in the same period 2019.

Its diesel imports from China also grew from 10,000 bpd to 18,000 bpd over the same period.

Gasoline exports dipped 3.3% overall from May to 411,000 bpd, but this was more than compensated for by gains for other refined products, including a 45% rise for diesel to 586,000 bpd.