Chinese Population Shrinks for First Time Since 1961
January 17, 2023
Distillate demand over the past four weeks has been at 3.63 million bpd, off 5.5% from a year ago.
The almost 19 million barrel build to crude stocks last weeks has now put them 1% above the five year average for this time of year. Gasoline inventories are now 7% below last year and distillates 18% below last year.
On Tuesday data showed that China’s population shrank in 2022 for the first time since 1961.
There is a lot of optimism in the news about China reopening and that is helping to support crude prices higher here as we start the short trading week. Products are mixed so far with gasoline currently trading higher and ULSD down slightly.
China gross domestic product expanded 3% in 2022. That number was below the Chinese government forecast but much better than many analysts expected.