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China Oil Demand Concern Weighs on Crude Price Outlook: RBC

OIL

The outlook for crude prices is dampened by China’s economy according to a note from RBC via Bloomberg.

  • China’s central government stimulus has been disappointing so far with measures more targeted than previously.
  • Domestic oil demand has been soft with the growth in diesel inventories since the mid 2023 “a worry.”
  • The views on Chinese demand from most client conversations have ranged from neutral to bearish.
  • China’s fundamentals have been mixed with January crude imports flat from December. Cargo delays from Jan drove imports in the first week of February to the strongest since last year at 10.6mb/d.
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