China’s robust oil demand recovery underpinned by gasoline surge – Bloomberg
|Bloomberg’s latest analytics on China’s oil demand cites cars as the key catalysts, suggesting an opaque market going forward.
“Gasoline demand in May was 5% higher than the same period in 2019, according to the median of five estimates from the nation’s top oil companies including China Petroleum & Chemical Corp., better known as Sinopec, and China National Petroleum Corp, as well as industry analysts. Diesel use wasn’t as robust, with most respondents seeing flat consumption last month,” said Bloomberg.
Further, BloombergNEF estimates diesel demand as 10.04 million tons in April while 11.98 million tons of gasoline was demand during the stated month.
The report also cites the reduction in spending on large-scale government and private sector projects to highlight the rise in export of industrial fuel and regional market’s less dependency on oil from abroad. The same signals challenges for oil’s further run-up.
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