Yesterday, the Chinese customs authority published detailed data on Oil product exports in July, Commerzbank's commodity analyst Carsten Fritsch notes.

Dta on Oil demand in China paint a mixed picture

"According to this, China exported 820,000 tons of diesel and 930,000 tons of gasoline last month. For diesel, this was the largest monthly volume in 11 months, and for gasoline, it was the largest volume this year, along with March. Jet fuel exports amounted to just under 2 million tons, the highest level since March 2024."

"This points to an increase in international travel in China, as refueling aircraft for international flights is classified as exports. Due to higher exports of Oil products, implied Oil demand, i.e., the difference between crude Oil processing and exports of Oil products, fell below the 14 million barrel per day mark again in July."

"However, it was 6% higher than in the previous year. The data on Oil demand in China therefore paint a mixed picture."