14 November 2024: 09:30 GMT
Oil demand over estimation by international bean and barrel counting organizations continues unabated. Yesterday it was OPEC’s turn to say China’s demand was growing by 450 kb/d, today it’s the IEA. Can anyone admit they got it wrong and make a large correction to account for China’s oil product consumption contraction? Well, it appears not. We are small and armed not only with conviction but also with data. As our wall says in our refurbished gigs, ‘without data, you are just another person with an opinion.’ China’s oil consumption has fallen out of bed and all our sources are reporting close to 1 million bbls contraction in gasoline and diesel. We feel so strongly about this we sent letters to major international organisations to alert them of the change which, by the way, didn’t happen overnight. We’re monitoring the reaction and holding our breath. Wish us luck. 😱
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
We invite you to read our reports, which will initially be published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST).
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