Link here to AdvisorAnalyst.com. (some numbers rounded)
The latest incoming data from Asia continues to surprise to the upside
Data points
- year-over-year growth of 373,000 bopd in January
- critical driver: Japanese oil demand; up yoy by 300,000 bopd post nuclear-debacle
- South Korean oil demand increased by 13,000 bopd despite mild winter
- South Korean February demand pickup shows 173,000 bopd increase yoy
- South Korea: one of the strongest growth rates ever
- China oil demand soared to a record high in February; all-time high demand in gasoline and strong diesel demand
- China coal imports surged 154 percent yoy
- China plans to cap coal consumption by 2015 --> more oil, natural gas?
- South Africa suspended oil imports from Iran (India did so earlier)
Perfect storm (not noted in link above):
- Asian oil demand (above)
- Indian oil demand
- Iranian oil taken off global market
- Saudi Arabia: more analysts question Saudi's ability to increase production
- Keystone XL 1.0 killed; some Canadian oil sands companies halting production; difficult to get Canadian oil to market
- Global recovery continuing?
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