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Global Oil Demand Rebounded In Feb: JODI

OIL

Global oil demand rose by more than 4.5mbpd on the month in February after falling a month earlier, driven by growth in China, US, Indonesia, the UK, and Japan, JODI oil data showed.

  • Global crude oil production rose by 0.5mbpd in February, driven by higher output in China and in the UK. This month’s release did not include oil data or Russia.
  • Global inventories of refined products fell by 3.1mn barrels, while crude inventories climbed by 25mn barrels. Total crude and product inventories remain 329mn barrels below the five-year average.
  • Global natural gas demand declined seasonally in February by 12.3bcm.
  • Natural gas production fell by 11.7bcm on the month, less than the seasonal average of 23.2bcm.
  • EU+UK gas consumption fell by 4.7bcm and was at a five-year seasonal low in February. Inventories fell by 9.3bcm to stand 60 % full at the end of the month.
  • Total gas inventories dropped by 20.4bcm month-on-month, less than the seasonal average draw of 31.4bcm.
Energy BulletsCommodities
Energy BulletsCommodities

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