Lower South Korean Exports

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Jet fuel exports tumbled in August despite higher crude throughput as refiners prioritized production of kerosene and gasoil. Asia's powerhouse exporter shipped out 200,000 b/d of jet in August, with volumes dropping by 40,000 b/d from July, according to data from Korea National Oil Corp. (KNOC). Exports also fell by 18,000 b/d from last August. Korean refiners boosted crude throughput by 125,000 b/d from July to 2.7 million b/d in August, although run rates remained relatively low at 77.4%. With the approach of winter refiners are prioritizing production of dual-purpose kerosene. Jet production dropped by 23,000 b/d from July to 301,000 b/d in August while kerosene output rose by 17,000 b/d over the same period to 122,000 b/d. Refiners also ramped up gasoil output by 49,000 b/d in August to 961,000 b/d. Domestic consumption of jet fell by 8,000 b/d from July to 49,000 b/d in August, but was 4,000 b/d higher than the year-earlier month.

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