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December Oil Demand at 102.2mbpd: JP Morgan

OIL

Global oil demand in December is estimated at 102.2mbpd, with year-to-date oil demand tracking a 1.8mbpd growth, JP Morgan said in a note.

  • European oil demand may be below the bank’s forecast of 14mbpd for December by 300kbpd.
  • The bank expects US December gasoline demand at 8.7mbpd, 100kbpd above previous forecasts. But US distillates demand in the US on a four-week rolling average basis dropped below its five-year range to 3.7mbpd due to lower heating demand.
  • Chinese demand continues to average 16.7mbpd in the fourth quarter of this year. China daily flights continue to hover around 95% of 2019 volumes.

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