oil demand

Asia Looks For Answers On Oil Demand Revival, Russian Flows, Energy Security

  • China’s oil demand to fall 305,000 b/d in 2022
  • Asia may witness more than 1 million b/d demand growth in 2023
  • Russian oil flows to India, and China to dominate discussions at APPEC
Reviving oil demand 

The revival of Asian oil demand to pre-pandemic levels is likely to get pushed back until 2023 as a worse-than-expected consumption outlook in China on the back of pandemic-induced lockdowns will more than offset gains in other pockets of the region this year, analysts told S&P Global Commodity...

https://mfame.guru/asia-looks-for-answers-on-oil-demand-revival-russian-flows-energy-security/

Oil Sell-Off Driven By ‘Erroneous Signals’ in Markets?

Opec said the recent oil sell-off was the result of “erroneous signals” as the cartel pushed back against predictions that slowing economic growth and monetary policy tightening would weigh on global crude demand into 2023, reports Global Telegraph.

The unchanged

Oil market fundamentals were “unchanged”, the producer group argued, yet hedge funds and other money managers had continued to close out bets on rising prices in the two major oil futures contracts “amid a market narrative of worsening...

https://mfame.guru/oil-sell-off-driven-by-erroneous-signals-in-markets/

Oil Demand To Shoot Up Above Pre-Covid Levels by Dec 2022

  • Oil demand is set to rise above pre-COVID levels by the end of 2022, but oil producers will need to boost production, the International Energy Agency (IEA) said on Friday.
  • The Paris-based body expects consumption to rebound by 5.4 million barrels per day (bd) this year as vaccines are rolled out and economies reopen.
  • Consumption declined by a record 8.6 million bd in 2020 as the coronavirus pandemic took a hold.
  • It expects a further 3.1 million bd increase in 2022, to average 99.5 million bd...

https://mfame.guru/oil-demand-to-shoot-up-above-pre-covid-levels-by-dec-2022/

Key Factors Expected to Weigh on Asian Middle Distillates This Week

Sluggish regional demand, unviable East-West arbitrage economics and concerns over ballooning supply were the key factors expected to weigh on the Asian middle distillates complex in the week starting March 15, market participants said, reports S&P Global Platts.

Jet fuel/kerosene Data

The balance month March-April jet fuel/kerosene timespread was pegged at minus 42 cents/b at 11 am Singapore time (0300 GMT) March 15, widening from minus 38 cents/b at the 0830 GMT Asian close March 12.

The FOB...

https://mfame.guru/key-factors-expected-to-weigh-on-asian-middle-distillates-this-week/

Growing Optimism in Tanker Market

With oil prices taking a turn upwards and demand expected to pick in the second half of the year, shipbrokers are examining whether this trend is a sign of a more bullish market ahead, which could benefit tankers as well, reports Gibson shipbrokers ltd.

Robust oil demand

In its latest weekly report, shipbroker Gibson said that oil prices are back above $60/bbl, their highest level since January 2020, before the Wuhan lockdown.

The report added, “In normal times rising prices typically suggest...

https://mfame.guru/growing-optimism-in-tanker-market/

Fujairah Bunker Fuel Weak, Stocks Climb Up

  • The pandemic’s impact on oil demand took a chunk out of Fujairah’s bunker demand last year.
  • Cockett Marine Oil chief executive Cem Saral said that with fewer box ships and bulkers calling at the port, Fujairah was exposed to the vagaries of the oil market.
  • Bunker demand in the regional oil products’ hub fell by nearly a fifth in 2020 compared to volumes sold in the previous year.

A recent news article published in the Ship and Bunker as well as Platts reveals that Fujairah’s bunker stocks...

https://mfame.guru/fujairah-bunker-fuel-weak-stocks-climb-up/

Crude Oil Tanker Market To Have A Long & Painful Recovery

The outlook for the global crude oil tanker market remains difficult for the near term, according to a new analysis from maritime research consultancy Drewry, reports Maritime Executive.

In a year-end analysis, they point to uncertain demand for oil combined with overcapacity and the industry’s failure to take steps to address the glut of vessels

A decline in floating oil storage

In its analysis, Drewry points to the continued lack of demolitions and efforts by shipowners to reduce the...

https://mfame.guru/crude-oil-tanker-market-to-have-a-long-painful-recovery/

The World May Run Out of Oil Supplies in The Next 30 Years

The world is on track to run out of sufficient oil supplies to meet its needs through 2050, despite lower future demand due to the Covid-19 pandemic and the accelerating energy transition – unless exploration speeds up significantly and capital expenditure of at least $3 trillion is put to the task, a bombshell report by Rystad Energy reveals.

Meeting global demand

To meet the global cumulative demand over the next 30 years, undeveloped and undiscovered resources totaling 313 billion barrels of...

https://mfame.guru/the-world-may-run-out-of-oil-supplies-in-the-next-30-years/

Tanker Scrapping ‘On the Rise’ Amid Dampening Oil Demand

  • The fall in crude oil demand has hit the tanker market hard.
  • The oil price dip led to the surge in Chinese imports and resulted in congestion in Chinese discharge ports.
  • Ship brokers report this is likely to lead to an increase in scrapping.
  • Another trend in the ship scrapping/recycling market, the increasing size of the ships being sold for scrap, was also noted.

Falling crude oil demand puts older tankers at risk, writes Craig Jallal for Riviera Maritime Media.

Dip in global oil demand

The US...

https://mfame.guru/tanker-scrapping-on-the-rise-amid-dampening-oil-demand/

Freight Rates Slump To 12 Month Low As Oil Production Cuts & Demand Sets In

A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil production and demand sets in across the globe, writes BIMCO CEO, Peter Sand in an article published on their website.

Only China bucks this trend with record-high crude oil imports, benefiting from the low oil price. Given the global recession and lower transport demand, however, the tanker industry is set for some challenging months.

Demand drivers and freight rates
  • Crude...

https://mfame.guru/freight-rates-slump-to-12-month-low-as-oil-production-cuts-demand-sets-in/

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