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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.
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Free AccessMNI Commodity Analysis: End of Year China Weakness Weighs on Oil Complex
- China was the face of global oil demand growth in 2023 but after a flurry of strength earlier in the year, slowing demand and weak refining margins into the tail end of the year are setting pessimistic tones for 2024 growth.
- Tight Chinese oil product export quotas into the final quarter of the year and suppressed access to cheap feedstock as well as tightening crude import quotas have created weaker Chinese demand.
- Both private and state refiners have faced weaker run rates in Q4, pressed by weak margins due to slowing seasonal domestic demand and an inability to export due to tightening quotas. Extra fuel oil import quotas appear too little too late.
- With a lack of pent-up post lockdown demand to return to the markets, Chinese demand is forecast to grow at a much slower rate in 2024 – likely a key consideration for OPEC+ policy for further cuts at its most recent meeting.
MNI Commodity Analysis - End of Year China Weakness Weighs on Oil Complex.pdf
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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.