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Saturday, May 27, 2023

China Oil Demand Hitting All-Time Records -- May 27, 2023

Locator: 44768OIL.   

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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