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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.
OIL
- Oil demand in JODI reporting countries rose by 1.2mb/d in February driven by gasoline and jet fuel demand and was up 1.1mb/d year on-year. Gasoline demand was at a 5-year seasonal high but diesel demand fell below the 5-year average for the first time since July 2022.
- Crude oil production rose by 473kb/d m/m in February but was down 1.2mb/d y/y with steep declines in Saudi Arabia (-1.4mb/d) and Iraq (-347kb/d) partially offset by gains in the US (+744kb/d).
- Saudi Arabia’s crude production rose by 55kb/d to a 7-month high at 9.01mb/d while crude exports rose by 20kb/d to a 3-month high of 6.32mb/d.
- US production rebounded by 743kb/d following weather related shut-ins in January with exports increasing by 583kb/d and up 634kb/d y/y.
- China crude imports fell by 667kb/d while demand fell by 967kb/d to a 13-month low. Chinese product exports fell by 69kb/d to a 10-month low and refinery runs fell by 919kb/d to a 7-month low.
- Crude inventories built by 17.7mbbl in February but were still 262mbbl below the 5-year average.
- Product inventories drew by 2.9mbbl but were 4.8mbbl above the 5-year average.
Source: International Energy Forum
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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