China’s oil demand increased by almost 1 million barrels per day (bpd) from the previous month, to 15.41 million bpd in November, the highest level since February, according to the latest export figures released by data collection agency JODI.
“Energy markets could be tighter in 2023, especially if the Chinese economy recovers and the Russian oil industry faces further difficulties from sanctions,” International Energy Agency (IEA) chief Fatih Birol said on Thursday.
The market, however, came under pressure in the morning after data from the US Energy Information Administration (EIA) indicated that Oil stocks in the country rose last week by 8.4 million barrels, their biggest gain since June 2021.
UBS analyst Giovanni Staunovodescribed the EIA data as a “bearish report, with large increases in crude oil and gasoline inventory, but representing an improvement over last week, with an implied recovery in oil and refinery demand due to the impact of storm Elliot”.
US gasoline refining margins traded to a new five-month high for the fourth straight session on Thursday, amid optimism about rising travel demand from China’s reopening and threats to refined products supplies from strikes in France.
Source: Ambito
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