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Chinese Mobility Data Holding Up Post New Year Celebrations

OIL PRODUCTS

China’s mobility data is showing a strong rebound in activity, painting a positive outlook for oil demand this year. Key bank and industry forecasts for triple digit oil prices this year hinge on China’s rebound.

  • Gasoline and jet fuel are leading China’s demand recovery.
  • The number of vehicles on China’s expressways is 20-30% higher than in 2019 according to Ministry of Transport Data.
  • Domestic jet fuel demand is strong while international travel is set to support surging jet demand from Q2.



soucre: Bloomberg

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