China Resumes Fuel Export Curbs, Lifting Singapore Diesel Prices 5%
Updated
Updated · The New York Times · Oct 2
China Resumes Fuel Export Curbs, Lifting Singapore Diesel Prices 5%
3 articles · Updated · The New York Times · Oct 2
Summary
China has halted new commercial export permits for diesel, jet fuel and gasoline, while state oil majors slow shipments to broader markets and keep some flows to close partners such as Cambodia.
The curbs hit as diesel supply was already tightening: Russia renewed a diesel export ban after refinery damage, an Indian refinery fire halted some exports, and Trump has threatened U.S. diesel restrictions.
Singapore diesel prices jumped 5% on Wednesday and Thursday even as crude fell nearly 10%, before easing back to about $170 a barrel after European countries discussed releasing strategic diesel reserves.
East Asian jet fuel prices have also risen, raising the risk of higher airline costs and ticket prices as fuel remains one of carriers' two biggest expenses.