China’s Emergence from COVID Lockdowns May Boost Global Demand by 40%
March 23, 2023
Propane inventories showed a 2.267 million barrel decline putting total stocks at 58.703 million and last year they were 33.564, 25.139 million more than last year, which is 75% more. Midwest inventories were down 324,000 putting total Midwest inventories at 13.185 million and last year there were 8.680. Gulf Coast inventories were down 794,000 barrels putting total inventories at 37.603 million and last year they were 19.171 million. Total stocks are 85% above last year and big number. Export were up 480,000 barrels to 1.804 million per day. Four of the nine largest weekly export totals have happened since February 10th.
The DOE inventory report had crude oil stocks up 1.12 million barrels, gasoline stocks down 6.40 million, and distillates down 3.31 million.
Total crude oil inventories are at 481.180 and last year there were 413.399 million, 67.781 million more barrels than last year.
Gasoline total inventories are now at 229.598 and last year they were 238.043, which puts us 8.445 million behind last year.
Distillates inventories are now at 116.402 and las year there were 112.135 which is 4.267 more than last year.
Reuters reports that China is expected to account for 40% of the increase in global demand this year as their economy emerges from COVID lockdowns.