JPMORGANGlobalCommoditiesResearch01May2024OilDemandTrackerGlobaloildemandexpanded1.9mbdYoYinApril•Ourhigh-frequencydemandindicatorsestimatethatworldwideoilGlobalCommoditiesResearchconsumptionaveraged101.5mbdinApril,200kbdbelowourpublishedPrateekKediaACestimates(Figure1).Onayear-over-yearbasis,demandgrewby1.9mbd,belowourexpectationsofa2.1mbdincrease.Inthefirstfourmonthsofthe(1-646)3261124year,globaloildemandroseby1.4mbdcomparedtothesameperiodlastyear.prateek.kedia@jpmchase.comOurprojectionsfromlastNovembercalledfora2.0mbdimprovement.TheJ.P.MorganSecuritiesLLCunderperformanceintherealizeddemandvs.ourexpectationsduringJanuary-MarchperiodwasalmostentirelyduetowarmerwinterconditionsandtheNatashaKanevaresultingweakerdemandforheatingfuels.The200kbdgapinAprilwasduetoweakerUSgasolineconsumptionduringthemonth.(1-212)834-3175natasha.kaneva@jpmorgan.com•DieselcracksintheUSandEuropefell4-5%weekoverweekfortheweekJPMorganChaseBankNAendingApril30trackinghigherdieselandgasoilexportsoutofChinaandIndiaColeWolf(Figure7&8).Meanwhile,Russiandiesel/gasoilexportsonafour-weekaveragebasisimprovedmarginally.Meanwhile,USgasolinecracksrose3%(1-212)622-5762overthesameperiodasexportstoMexicoimprovedsequentially(Figure9).cole.wolf@jpmchase.comJ.P.MorganSecuritiesLLC•Regionally,theUS,Canada,theUK,Brazil,andJapanreportedconsumptionstatisti...
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