- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,192.30-0.57%
- INTEREST37.00%-1.00
- BITCOIN82,747-1.11%
- October 12, 202619°
- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,192.30-0.57%
- INTEREST37.00%-1.00
- BITCOIN82,747-1.11%
- October 12, 202619°
China halts fuel exports, sending Brent crude above $100
Brent crude climbed above $100 a barrel after Chinese refiners reportedly suspended fuel exports for October.
Brent crude rose above $100 a barrel after Chinese refiners suspended fuel exports for October. December Brent traded 2.2 percent higher at $100.15, while November West Texas Intermediate rose 1.5 percent to $91.74.
According to sources cited by Reuters, Beijing began a week-long national holiday on Thursday without issuing export permits to major refiners, allowing shipments only to Hong Kong and Macau. State-owned PetroChina reportedly cancelled several October gasoline and jet fuel cargoes.
The sources said they could not confirm whether permits would be issued again after the holiday ends on October 7, adding that domestic inventories and refinery output would weigh on the decision.
Beijing curbed fuel exports in March after the U.S.-Iran war disrupted Middle Eastern crude supplies, eased the restrictions in July and has since managed diesel, gasoline and jet fuel shipments on a monthly basis. Markets are also under pressure from Ukraine’s attacks on Russian refineries.
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