The Omicron variant is sweeping through Asia fast and furious. How much impact has it had on Asia's oil demand so far?
Global crude liftings are falling short of meeting demand in spite of OPEC+ efforts, and the latest trend is furthermore going in the wrong direction.
China issued the first batch of crude import and product export quotas to refiners this year at around 10% and 55% lower than last year’s respectively, signaling its commitment towards further consolidating the refining sector.
China’s contribution to crude tonne-miles has dwindled year-to-date according to Vortexa freight data as the country continues to decrease crude imports. Other nations have stepped in to fill the void as our data shows.
As we witness global naphtha cracks continuing strength since the spring, we can see that seaborne naphtha imports carry on their impressive recovery. Strong flows are expected to continue on the back of firm petrochemical demand East of Suez and European gasoline blending.
Vortexa outlines how supply and demand dynamics appear to be improving for LNG markets in a supportive price environment
Vortexa outlines how naphtha has had a strong demand recovery but increasing demand for road fuels gasoline and diesel could incentivise refiners to adjust their yields to make less naphtha.
Vortexa outlines how Latin American countries are increasing imports of crude and refined products whilst simultaneously exporting refined products into storage hubs, suggesting an oversupplied region.
Vortexa sees a marked shift in French clean product flows in the aftermath of the country's recent nationwide lockdown.