Uploaded September 2026 | Updated September 2026, 2 weeks ago

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China diesel exports are staying low despite historically high refining margins because Beijing is putting domestic fuel security first.

Alex Hodes, StoneX Director Energy Market Strategy, breaks down how much additional diesel China could realistically produce and why those barrels are not reaching the export market.

The conversation sizes the distillate shortfall left by Russian refinery outages, explains why refined product quotas have risen only modestly, and covers how Strait of Hormuz disruption has made Chinese crude supply less predictable. It also traces where Europe is sourcing diesel, with U.S. Gulf Coast exports at record highs.

Discover Actionable Energy Insights with StoneX Market Intelligence: shop.stonex.com/collections/energy?utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_alex_hodes&utm_content=share

00:00 - Diesel's Missing Supplier
00:54 - China's Spare Capacity Myth
01:30 - Beijing Keeps Fuel at Home
02:22 - The Crude Buffer Question
04:27 - Russia's 700,000 Barrel Hole
05:07 - Gulf Coast Fills Europe's Gap
06:36 - Watch the Quotas, Not Exports

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