China's November gasoline exports off peak, LNG imports at record high

SINGAPORE: China's gasoline exports in November retreated from record highs, while liquefied natural gas (LNG) imports hit a fresh peak on rising demand at the start of the heating season, data showed on Wednesday.

November gasoline exports fell 31.6% from a year earlier to 1.26 million tonnes, off October's record 1.91 million tonnes, according to China's General Administration of Customs.

China's total refined fuel exports fell by nearly a third in November from a year earlier as national refiners limited sales abroad because of lacklustre gasoline margins .

Asian profits for producing diesel and jet fuel, however, rebounded on industrial use and an uptick in aviation demand respectively.

Diesel exports in November fell 13.2% year-on-year to 1.92 million tonnes, which was also down from 2.17 million tonnes in October, customs data showed.

Jet fuel exports edged higher month-on-month to 460,000 tonnes, thanks to a slight recovery in international flights and steady demand for domestic travel, though the volume was still 71.5% lower than a year earlier.

China's fuel exports should rise in December after the government issued new quotas, including the first permits for top private refiner Zhejiang Petrochemical Corp and a rare allotment to state defence conglomerate Norinco.

LNG imports soared to a record 6.61 million tonnes in November, up 2.4% from a year earlier, data showed.

Demand for the fuel typically surges from November with the start of the heating season, while China's continued push to replace coal with gas amid a rapidly recovering economy is set to lift China's LNG imports in December to new highs.