JPMORGANGlobalCommoditiesResearch17April2024OilDemandTrackerGlobalCommoditiesResearchGlobalflightactivitysurpassespre-pandemiclevelsforPrateekKediaACthefirsttimeever(1-646)3261124•Ourhigh-frequencydemandindicatorsestimatethatworldwideoilprateek.kedia@jpmchase.comJ.P.MorganSecuritiesLLCconsumptionsofarinAprilaveraged101.0mbd,200kbdbelowourpublishedestimates(Figure1).Onayear-over-yearbasis,demandgrowthinAprilisNatashaKanevatrackingat1.46mbdagainstourexpectationsofa1.7mbdincrease.Fromthestartoftheyear,globaloildemandroseby1.7mbdcomparedtothesame(1-212)834-3175periodlastyear.OurprojectionsfromlastNovembercalledfora2.0mbdnatasha.kaneva@jpmorgan.comimprovement.JPMorganChaseBankNA•DieselcracksintheUSandEuropefell4-6%week-over-weekfortheweekColeWolfendingApril16trackingsofterUSandEuropeandemanddespitelowerdiesel(1-212)622-5762andgasoilexportsoutofRussia,China,andIndia(Figure6&7).Russiancole.wolf@jpmchase.comdiesel/gasoilexportsfell250kbdweek-over-week.Moreover,theDangoteJ.P.MorganSecuritiesLLCrefineryinNigeriabegansupplyingdieseltodomesticmarketeasingrelianceonimports.Meanwhile,USgasolinecracksrose8%overthesameperiodasgasolinestocksintheUScontinuetodecline.•Regionally,France,Thailand,andAustraliareportedconsumptionstatistics.•InEurope,Francereportedan83kbdYoYdropinitstotaloilconsumptionforMarch.Road-dieselusedecl...
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