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OIL
Strong travel in China over the Lunar New Year holiday has driven an increase in demand supporting crude purchases by refiners ahead of expected maintenance during Q2.
- The travel and spending exceeded levels from before the pandemic and an increase in term supplies from Saudi Arabia for March has raised hopes of a more sustained recovery in demand according to Bloomberg.
- Crude purchases are steady compared to the previous month but come ahead of maintenance work when refiners normally reduce imports.
- “Some refineries may be raising run rates or postponing maintenance plans because of strong demand momentum following higher-than-expected Lunar New Year travel,” said Energy Aspects.
- “Chinese spot crude buying has been slightly stronger than our expectations.”
- Offline refining capacity in Q2 and Q4 2024 is expected to rise 18% to a three-year high, according to OilChem earlier this month.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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