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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.