Rising China gasoil exports signal worsening glut

摘要

Singapore—China’s gasoil shipments may rise further this year after nine straight months of net exports as more refining capacity comes online and domestic demand growth weakens, further exacerbating a glut in Asia where consumption has also slowed, analysts said this week. To ease the oversupply, traders are moving large volumes of cargoes to meet demand in the Red Sea region, offering some support to the Asian market, traders said.