Demand for oil update - Oct 21
Posted: Mon Oct 21, 2019 12:45 pm
Oil demand growth has slowed, but it is still going up by a million barrels per day year-over-year.
"Chicken Lickin" thinks the sky is falling in China. Apparently it isn't.
On October 18 Reuters reported China's crude oil throughput rose 9.4% in September from a year earlier to its highest level on record, official data showed on Friday, led by increases from new refineries and as some independent plants returned from maintenance. Refinery runs hit 13.75 million b/d, according to figures from the National Bureau of Statistics (NBS). The September rate was also up around 8% from 12.72 million b/d in August and beat the previous daily record of 13.07 million b/d set in June. Throughput in the first nine months gained 6.2% year-on-year to 12.85 million b/d.
On October 18 Reuters reported China's third quarter economic growth slowed more than expected and to its weakest pace in almost three decades as the bruising U.S. trade war hit factory production, boosting the case for Beijing to roll out fresh support. Gross domestic product (GDP) rose just 6.0% year-on-year, marking a further loss of momentum for the economy from the second quarter's 6.2% growth.
Nie Wen, a Shanghai-based economist at Hwabao Trust, pinned the worse than expected GDP growth mainly to weakness in export-related industries, especially the manufacturing sector. "Given exports are unlikely to stage a comeback and a possible slowdown in the property sector, the downward pressure on China's economy is likely to continue, with fourth-quarter economic growth expected to slip to 5.9%," Nie said.
The third-quarter GDP growth was the slowest since the first quarter of 1992, the earliest quarterly data on record, and missed forecasts for 6.1% growth in a Reuters poll of analysts. It was also at the bottom end of the government's full-year target range of 6.0%-6.5%.
On October 18 Reuters reported Saudi Aramco has delayed the planned launch of its initial public offering in hopes that pending third quarter results will bolster investor confidence in the world's largest oil firm, two sources familiar with the matter said on Thursday.
"Chicken Lickin" thinks the sky is falling in China. Apparently it isn't.
On October 18 Reuters reported China's crude oil throughput rose 9.4% in September from a year earlier to its highest level on record, official data showed on Friday, led by increases from new refineries and as some independent plants returned from maintenance. Refinery runs hit 13.75 million b/d, according to figures from the National Bureau of Statistics (NBS). The September rate was also up around 8% from 12.72 million b/d in August and beat the previous daily record of 13.07 million b/d set in June. Throughput in the first nine months gained 6.2% year-on-year to 12.85 million b/d.
On October 18 Reuters reported China's third quarter economic growth slowed more than expected and to its weakest pace in almost three decades as the bruising U.S. trade war hit factory production, boosting the case for Beijing to roll out fresh support. Gross domestic product (GDP) rose just 6.0% year-on-year, marking a further loss of momentum for the economy from the second quarter's 6.2% growth.
Nie Wen, a Shanghai-based economist at Hwabao Trust, pinned the worse than expected GDP growth mainly to weakness in export-related industries, especially the manufacturing sector. "Given exports are unlikely to stage a comeback and a possible slowdown in the property sector, the downward pressure on China's economy is likely to continue, with fourth-quarter economic growth expected to slip to 5.9%," Nie said.
The third-quarter GDP growth was the slowest since the first quarter of 1992, the earliest quarterly data on record, and missed forecasts for 6.1% growth in a Reuters poll of analysts. It was also at the bottom end of the government's full-year target range of 6.0%-6.5%.
On October 18 Reuters reported Saudi Aramco has delayed the planned launch of its initial public offering in hopes that pending third quarter results will bolster investor confidence in the world's largest oil firm, two sources familiar with the matter said on Thursday.