Leading global petrochemical market information service providers - AnXunSi (ICIS China) on Monday (March 21), as global oil prices make exports more profitable, the export of Chinese diesel JiCong lows after five months is expected to see further growth.
AnXunSi karena lam, an analyst, said this month the diesel exports is expected to reach 1 million tons above, a 1, 2, two months average more than 30%. This will refresh the record last September.
According to data released Monday by the general administration of customs, China diesel exports rose 8% in February to 790000 tons. This figure is nearly seven times the level of the same period last year.
With the refinery profit, China diesel exports in recent months has ups and downs. Industry activities to slow in the second half of last year China's exports to other areas within the diesel with industry inventory release up sharply. Later, with the Chinese government about oil prices fell below $40 a barrel after no longer according to the existing policies to regulate the price of refined oil price mechanism, resulting in China's domestic market price is higher than the international market, diesel exports began to slow. As international oil prices for the benchmark brent crude oil prices from January fell to a 12-year low after has surged more than 40%.
Karena pointed out that, along with crude oil prices rebound, China's domestic and international market oil price has shrunk dramatically, the weak domestic demand, oil refinery urgently want to reduce inventory.
Sinopec's largest oil refining enterprises in quanzhou branch of a senior executive said last week, the company plans to export this month about 100000 tons of diesel oil.
Diesel crack spread, according to the Singapore market, is the diesel production profit margins, since January hit a five-year low at least so far have rebounded to 43% level.