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Resilient US Diesel Demand on Trucking and Rail Traffic: JPM

OIL

A nascent recovery in truck utilization is supporting resilient US freight diesel demand as rail traffic increases to a 2023 high according to JPMorgan.

  • Global oil demand averaged 100k b/d below expectation in October at 102.1m b/d.
  • China’s oil demand surged to 16.8m b/d in October and “decoupled” from its economy after below expected China NBS and Caixin PMIs.
  • Total oil demand in Germany, France and Spain in August fell 380k b/d yoy.
  • EIA this week revised the monthly diesel demand for August higher from the weekly data rising from 3.76m b/d to 4.13m b/d.
  • EIA data yesterday showed a decline in weekly diesel demand taking the four week average implied demand down to the low end of the previous five year seasonal range.

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