China's gasoline exports rose to the highest level in 14 months in March after refineries ramped up run rates to a record in the first two months of the year and domestic fuel demand slowed.
Net gasoline exports, or imports minus exports, jumped to 520,008 metric tons last month, more than double February's 206,075 tons, according to Bloomberg calculations based on customs data released today. That's the highest level since January 2011. Apparent demand for all oil products, or domestic production plus net imports, slid to a five-month low of 9.51 million barrels a day.
"Gasoline exports will probably return to normal levels at around 300,000 tons a month from April as refineries enter maintenance season," Liao Kaishun, an analyst with C1 Energy, said by telephone from Guangzhou.
China's oil-refining volumes were at 9.32 million barrels a day in February and a record 9.38 million in January. The nation's biggest oil refineries reduced operating rates to 79 percent of capacity as of April 12, the lowest level since October, according to Oilchem.net.
China's fuel demand rose 2.9 percent in the first quarter, compared with 10 percent growth a year earlier, the National Development and Reform Commission, the country's top economic planner, said April 19. Gasoline demand in January to March expanded 8.8 percent from a year earlier, while diesel consumption was little changed, it said.
The nation's commercial gasoline inventory stood at 6.26 million tons at the end of February and 6.22 million at the end of March, the highest levels since May last year, according to data compiled by Bloomberg based on reports from China Oil, Gas & Petrochemicals, a newsletter published by the official Xinhua News Agency.
China had net diesel exports of 96 tons in March, according to today's data. The nation imported 462,374 tons of jet kerosene and exported 467,540 tons.