Oil Product Demand News

“Fill her up, son; unleaded. I need a full tank of gas where I'm headed,” former Police-front man, Sting, sang back in 1999 on his solo album Brand New Day. This country-inspired song could be the anthem for what is coming around next week, as Monday. May 31  is Memorial Day in the U.S., the day that kicks off “the U.S. driving season”. The season runs for about three months from Memorial Day to Labor Day on September 6, during which the Americans take to the road, and demand for motor gasoline reaches a seasonal peak.On 26 May, the U.S.

Tanker shipping was in many ways the odd one out of the shipping sectors in 2020; at the start of the pandemic, the market was strong, only to finish off the year in the doldrums, while the other sectors stayed profitable. Even a demand boost in December only managed to lift earnings slightly, raising the question, what will it take for tankers to return to profitability?In the immediate aftermath of the pandemic being declared, tanker shipping appeared immune, but it too has suffered from lockdowns and travel restrictions.

Two of six tankers used to store gasoline in Asia have arrived in Indonesia, with shipments into Asia's largest petrol importer expected to rise this month versus May as Pertamina replenishes stocks, according to industry sources and Refinitiv shipping data.Indonesia's fuel demand slumped in the second quarter and inventories rose after the government imposed measures to curb the coronavirus, prompting companies to store gasoline onboard ships off Singapore and Malaysia.The tankers - Aframax-sized Sloane Square, chartered by Equinor and carrying Norwegian gasoline - and Panamax-sized SCF Prudencia chartered by Pertamina, arrived at Indonesia's Merak and Tuban ports…

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand, industry sources said on Friday. Unipec, the trading arm of top Chinese oil firm Sinopec, has bought more than 300,000 tonnes of naphtha for delivery into China. Traders said the firm rarely buys specifically for China. State-run Sinochem has bought at least 35,000 tonnes of diesel for October-to-November delivery and could import more, industry sources said. CNOOC and PetroChina have bought 105,000 tonnes of diesel and could buy more, they said, though volumes could not be confirmed. China became a net diesel exporter in 2013.

As winter subsides and warmer weather arrives in the northern hemisphere, the traditional drop in global oil demand should be at hand. But given a number of outside factors, the balance of 2004 should be anything but business as usual. Oil demand is estimated to fall by 2.3 million barrels per day (mb/d) between the first and second quarters of 2004, much of which is projected to take place in OECD Pacific and the FSU. While demand will drop, it traditionally doesn't stay down for long, with the summer driving season creating a sharp spike upward in consumption, particularly in North America, which usually accounts for half of the estimated 2.0 mb/d growth in third quarter global demand. The lull between peak winter and summer demand poses a number of challenges.

The International Energy Agency’s most recent monthly report estimates for 2005 that global demand will grow by 1.8 mb/d, or 2.2%. for 2004. The 2005 demand estimate assumes: normal weather, a moderate slowdown in global GDP growth, an easing of crude oil and product prices and a modest reduction in Chinese oil consumption growth. Even so, Chinese oil demand is expected to grow by 510 kb/d, or 8.1% in 2005. The Middle East is also expected to contribute strong consumption growth in 2005 of 260 kb/d or 4.7%. These high growth rates contrast with substantially lower oil demand growth in the OECD of slightly less than 1% in 2005, holding flat in OECD Asia but rebounding slightly in OECD Eastern Europe.