China to Sustain Record Product Exports

After exporting a record 1.18 million b/d of gasoline, diesel and jet fuel in November, China will sustain product exports at an even higher level in the first quarter of 2018. High product export quotas, the completion of maintenance at a handful of refineries and sluggish diesel use underpin our bullish expectations for China’s near-term…

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Asian Fuel Demand Growth Decelerates

Asian consumption of gasoline, diesel, jet fuel/kerosene, and fuel oil will grow by 470,000 b/d in 2018 to reach 21.8 million b/d. This marks a deceleration from growth of 550,000 b/d last year, and will translate to weaker gasoline and fuel oil spreads to crude in Singapore in 2018. Diesel spreads will still receive support from tightening regional distillate balances.

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