China has effectively halted exports of gasoline, diesel and jet fuel to destinations outside Hong Kong and Macau since October, tightening Asian product markets and supporting South Korean refiner shares. PetroChina canceled a substantial portion of its October-loading cargoes on Sept. 30, while Zhejiang Petrochemical scheduled no loadings during the holiday period. Authorities are expected to review export resumption after the National Day holiday ends on Oct. 7, based on inventories and refinery run rates. Singapore gasoline prices rose 7.4% and diesel prices 3.1% on the news. S-Oil closed 11.69% higher at 166,200 won in the previously reported session, while newer Korea Exchange data cited on the 3rd showed S-Oil at the same gain, SK Innovation up 10.32% at 154,000 won and GS up 4.11%; the KOSPI rose 0.46% to 7,003.74. The update differs from earlier reported closing levels for SK Innovation and should be treated as a revised market-data account. China’s refiners are operating at about 75% of maximum capacity and retain unused export quotas, making the country a major swing supplier comparable to Saudi Arabia. Asian gasoline margins reached a record $50.53 per barrel against Brent on Oct. 1, while Singapore light-oil inventories fell to a five-year low of 10,514,000 barrels. Russia has restricted gasoline exports through the end of January and diesel exports through the end of October, while Middle Eastern refining capacity has been reduced by the U.S.-Iran war and U.S. refinery utilization has reached 97%. Higher crude prices, including Brent at $102.31 a barrel and West Texas Intermediate at $92.87, also supported the sector. Refining margins measure the spread between refined-product prices and crude, shipping and processing costs, while inventory gains can further lift earnings when oil prices rise. S-Oil’s second-quarter operating profit fell 21.6% from the previous quarter to 965 billion won as inventory gains dropped to 113.7 billion won from 643.4 billion won. The benefit of China’s export halt will depend on whether product prices rise faster than crude procurement costs, with possible U.S. diesel-export restrictions and European stockpile releases creating offsetting effects.