JPMorgan Econ FI-Oil Demand Tracker Global oil demand in January continues to...-106018710

JPMORGANNorthAmericaCommoditiesResearch18January2024OilDemandTrackerGlobaloildemandinJanuarycontinuestoimprove•Ourhigh-frequencydemandindicatorsaretrackinga1.5mbdmonth-over-GlobalCommoditiesResearchmonthdeclineinglobaloildemandthroughJanuary18(Figure1).ThisPrateekKediaACcomparesfavorablytothe1.7mbddeclineinthelastweek’sreadingandthepre-COVIDfive-yearaverageMoMdropof2.3mbdforJanuary.(1-646)3261124prateek.kedia@jpmchase.com•Regionally,Thailand,FranceandPortugalreportedoilconsumptionstatistics.J.P.MorganSecuritiesLLC•FranceandPortugalreportedtheiroilconsumptiondataforDecember2023.NatashaKanevaACFrance’soildemandinDecembercontracted48kbdYoYledbyweakdieseldemand.Fortheyear,France’stotaloilconsumptioncontracted24kbdas(1-212)834-3175dieselandfueloildemandweaknessoffsetdemandexpansioninjetfuelandnatasha.kaneva@jpmorgan.comgasoline.InPortugal,totaloildemandinDecemberremainedstableat178kbd,JPMorganChaseBankNAup2kbdYoY.For2023,oildemandrecordeda11kbdYoYincreasesupportedbyjetfuel,diesel,andgasolinedemand.Jetfueldemandroseto110%of2019ColeWolfACvolumesbenefittingfromincreasedinternationaltravelactivity.(1-212)622-5762•OurEuropedemandtrackerforJanuarysuggestsdemandmayovershootourcole.wolf@jpmchase.comJ.P.MorganSecuritiesLLC13.5mbdestimateby300kbdasteeth-chatteringtemperaturesarelikelydrivingconsumerstocrankuptheirhea...