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OIL: Global Oil Stocks Draw in August Amid Robust Demand: JPM

OIL

Global oil stocks draw in August as oil demand remains supported by summer travel in the US, Europe, and China according to JPMorgan

  • Global oil liquids stocks saw above expected draws of 1mb/d so far in August, but OECD commercial oil stocks built by 11mbbl last week.
  • Global oil demand for August 1-28 is 1.4mb/d higher y/y at 104.7mb/d and 250kb/d above estimates. Year to date demand is however showing 1.4mb/d growth compared with projections in November of 1.7mb/d.
  • Inclement weather in Southeast Asia limited oil consumption last week but demand in the US was robust ahead of the Labor Day weekend.
  • US gasoline demand averaged 400kb/d higher y/y at 9.3mb/d for the week to August 23 while the four-week average improved to 9.13mb/d.
  • Daily flight activity in Europe and China remained elevated as four-week average US jet fuel demand rose to a seven-week high.
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