Floods Push More Diesel Into Exports

Bloomberg: China’s Diesel Exports Rise to Record as Flooding Damps Demand
The world’s largest energy consumer exported 1.53 million tons of diesel last month, a 39 percent jump from June and beating the previous record in May, according to data posted Sunday on the website of the General Administration of Customs. While outbound gasoline shipments in July slipped from a record the previous month, they more than doubled from last year to 970,000 tons.

...China’s worst flooding since 1998 will reduce the nation’s oil demand by as much as 10 percent in July and August, Morgan Stanley analysts including Adam Longson said in a report earlier this month. The floods caused about $33 billion in economic losses last month, according to London-based insurance broker Aon Plc.

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