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Gasoline Demand Picking Up Slack From Long Haul Jet Demand: Vitol

OIL PRODUCTS

Global gasoline demand is picking up the slack of jet fuel as long-haul air travel is lagging a recovery in domestic flights according to Mike Muller at Vitol.

  • Gasoline demand in China has surprised on the upside from recent Asia holidays.
  • "The bit missing from the China demand equation is long-haul jet travel, long-haul aviation. I think it's fair to say globally and in China, domestic air travel is back to pre-pandemic levels if not above in many places but long-haul is not."
  • Diesel demand growth estimates are being lowered as industrial numbers have disappointing across the world. Diesel demand yr/yr globally in some people's minds is down to just 100kb/d or 200kb/d he said.
  • Global oil demand is expected to grow in excess of 1.5mb/d to 1.6mb/d this year. The company expects a stock buildup in the next few months but a boost in Asian demand in Q4 giving way to a reduction in stockpiles.
  • China's oil demand growth is estimated at 830kb/d yr/yr in Q1, 1.3mb/d in Q2 and 720kb/d in H2 according to S&P Global.
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