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Chinese refiners suspend October fuel exports, one cancels cargoes: Report
PetroChina canceled several October cargoes as Beijing kept exports limited to Hong Kong and Macau, with inventories about 20 million barrels below target, Kpler said.
- On Thursday, Chinese refiners suspended fuel exports beyond Hong Kong and Macau for October to prioritize domestic supply, according to four sources. State-owned PetroChina cancelled several planned gasoline and jet-fuel cargoes.
- Beijing prioritized domestic supply security as commercial diesel and gasoil inventories sit around 20 million barrels below required thresholds, with gasoline roughly 9 million barrels short. This inventory shortfall forced the decision.
- PetroChina cancelled October gasoline and jet-fuel shipments, while privately controlled Zhejiang Petrochemical Corp scheduled no exports during the holiday week. Brent crude prices surged nearly 4% to $101.50 a barrel on Thursday.
- Global fuel markets face increased tightness as African importers lose access to Chinese barrels, forcing buyers to compete for alternative sources. The Trump administration reportedly pressured Germany and France to release emergency diesel reserves.
- It remains unclear if Beijing will resume exports after the holiday concludes on October 7, as officials confirmed the decision depends on domestic fuel levels. Analysts note China views international markets as "an afterthought" while stocks remain inadequate.
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Total News Sources169
Leaning Left13Leaning Right28Center16Last UpdatedBias Distribution49% Right
Bias Distribution
- 49% of the sources lean Right
49% Right
L 23%
C 28%
R 49%
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