China. Link here.
- oil demand:
- 16.06 million b/d in April; all-time high;
- had just broken through the 15 million b/d mark one month earlier, an all-time high at that time
- April oil demand up 5% from March
- April oil demand up 26.1% y/y (April)
- fuel oil:
- a 10-year high of 592,000 b/d in April
- naphtha:
- surged to a record high of 357,000 b/d
- note:
- some of these records are one-offs
- much of this is due to cheap Russian oil
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