November 23, 2018 / 8:50 AM / 5 months ago

UPDATE 1-China's gasoline exports plunge to lowest in 13 months amid global glut -customs

* Oct gasoline exports drop 33 pct from year earlier

* Oct diesel exports rise 19 pct from year earlier

* Oct jet-kero exports rise 23 pct from year earlier

BEIJING, Nov 23 (Reuters) - China’s gasoline exports in October fell to their lowest in 13 months amid a glut of the fuel in Asia and globally, customs data showed on Friday.

Gasoline exports last month were 650,000 tonnes, the lowest since September 2017 and 33 percent lower than a year ago, data from the General Administration of Customs showed.

Stockpiles of gasoline have surged across Asia, with inventories in Singapore, the regional refining hub, rising to a three-month high while Japanese stockpiles also climbed last week. Inventories in the United States are about 7 percent higher than a year ago.

Demand for middle distillates in Asia, however, remains strong, accounting for a surge in China’s diesel and kerosene exports last month.

October diesel exports were 1.44 million tonnes, up nearly 40 percent from September and 19 percent higher than the 1.209 million tonnes a year earlier, the customs data showed.

Exports of jet-kerosene rose to 1.19 million tonnes, up from September’s 990,000 tonnes and 970,000 tonnes in October 2017.

China’s overall refined fuel exports in October rose 7.8 percent from a year earlier. The stronger overseas sales also followed the government issuing nearly 3 million tonnes of additional fuel export quotas in late October, more than half of which are for jet fuel.

These new quotas — all to state oil firms — would take China’s total fuel export quotas to around 46 million tonnes, compared to 43 million for 2017, as refiners wanted to bolster domestic margins by thinning the supply pool amid an expanding surplus.

Imports of liquefied natural gas (LNG) rose to 4.6 million tonnes last month, up from 4.37 million tonnes the previous month and 3.57 million tonnes a year earlier, ahead of the heating season when demand for the fuel rises, the customs data showed.

Reporting by Chen Aizhu; Editing by Christian Schmollinger

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