Perfect Storm?

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?