June 23, 2020 / 10:06 AM / 18 days ago

China's May gasoline exports hits lowest since Feb 2019

    SINGAPORE/BEIJING, June 23 (Reuters) - China's gasoline
exports fell 64.2% in May from the previous month and hit the
lowest level since February 2019, as refined fuel margins
weakened in regions hit by the coronavirus and refiners focused
on the domestic market where demand was rebounding.  
    Gasoline exports were 680,000 tonnes, data from the General
Administration of Customs showed on Tuesday, versus 1.9 million
tonnes in April and 850,000 tonnes in May of last year. 
    Diesel exports were 1.45 million tonnes last month, down
from 2.57 million tonnes in April and a record 2.83 million
tonnes in March. But it remains 16.2% higher than the same
period last year.
    China more than halved total fuel exports in May to 3.89
million tonnes from April's 8 million tonnes, according to
customs preliminary figures. 
    Data on Tuesday also showed kerosene exports at 560,000
tonnes, touching the lowest level in more than five year. That
was down 62.3% from a year earlier and compared to 2.03 million
tonnes in April.
    While refineries have raised crude throughput to near peak
rates in May, output of gasoline fell 12% over year-on-year and
kerosene dropped a third, in response to weakened demand for the
transportation fuels due to measures to curb COVID-19.

    Fuel oil output, meanwhile, nearly doubled from a year
earlier as plants shifted to meet growing demand for the low
sulphur marine fuel after the government issued its first quotas
to export the ship fuel. 
    Imports of liquefied natural gas (LNG) last month were 5.23
million tonnes, 19% up from the same month last year.
    Below is the latest customs data on fuel exports in millions
of tonnes and imports of LNG in millions of tonnes.
    
 Exports    May       y/y       Jan-May    y/y
                      %change              %change
 Gasoline       0.68     -20.4       7.12      23.3
 Diesel         1.45      16.2      10.31       4.1
 Jet            0.56     -62.3          7      -2.8
 kerosene                                  
 Imports                                           
 LNG            5.23        19      25.48         7
 
    

 (Reporting by Chen Aizhu in Singapore and Muyu Xu in Beijing,
editing by Louise Heavens)
  
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