China Quotas Flood Asia, RME Margins Too Wide, U.S. Harvest Choked by Rivers, and D4 RINs Collapse on Fresh SRE Petitions
China has issued 8.4 million tons of refined product export quotas in its third batch this year. This will add more gasoline, jet fuel, and diesel into the global system and is bearish for petroleum products, especially ICE gasoil in October. Asian structures were already soft: the price spread between October and November narrowed for the third day in a row, refining margins fell back under $20/bbl, and cash differentials weakened as sellers pushed cargoes. East–West spreads remain discounted, so additional Chinese flows heading west will only add pressure.
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