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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.
OIL
Chinese oil consumption is expected to hit a record as the country emerges from covid restrictions providing support to global demand and prices according to Bloomberg.
- Daily demand declined last year but is estimated to increase by 800kbpd in 2023 to a record high of about 16mbpd, according to a survey of 11 China-focused consultants by Bloomberg.
- “Demand recovery is expected to accelerate from the second quarter onward as traffic rebounds and the number of flights, especially international flights, gradually recovers,” said Yitian Lin at Wood Mackenzie. Wood Mackenzie estimates daily demand will rise by 970kbpd.
- IEA were last month forecasting global demand will grow by 1.7mbpd in 2023 due to expansion in China as well as India. The updated IEA oil market outlook is expected to be released later this week.
- Stronger demand from China in Q2 2023 could “offset the usual seasonal weakness in crude that comes with refinery maintenance and the absence of seasonal demand uplift given a warmer-than-average January so far,” according to Energy Aspects in a note from 9 Jan.
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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