Australia oil data – Jan 2018

Published at 10:38 16 Apr 2018 by

Australian oil demand grew at the fastest pace in five months, by 63 thousand b/d y/y, to hit 1.01 mb/d in January. Demand growth was overwhelmingly led by diesel at 49 thousand b/d, as manufacturing PMI hit a five-month high of 58.7 in the month. Momentum in manufacturing appeared to pick up in Q1 18, which should be supportive of diesel demand through the quarter, with the index rising to a record of 63.1 in March, while the growth in iron ore exports (Australia’s biggest export commodity) also accelerated. Consumer spending was healthy as record vehicle sales for the month of January lifted gasoline demand higher y/y by 6 thousand b/d, while jet demand grew by 8 thousand b/d y/y. LPG demand grew for the first time in 17 months, by 2 thousand b/d y/y, but declines in fuel oil persisted for the seventh straight month.

Refinery runs grew for the third consecutive month, by 3 thousand b/d y/y to 0.50 mb/d. Crude imports were higher y/y by 29 thousand b/d despite total liquids production growing for the first time in eight months, by 25 thousand b/d y/y, led by condensate at 26 thousand b/d. Condensate production was boosted by the ramp up of Wheatstone and should be boosted further by Prelude in Q2 18 and Ichthys in June/July, both of which will also raise LPG output, by 0.4 Mtpy and 1.65 Mtpy respectively, at full production. Product imports grew by a massive 0.16 mb/d y/y to reach a 10-month high of 0.70 mb/d, led by diesel (+0.11 mb/d y/y) as imports from Japan and South Korea soared. LPG exports stayed above 50 thousand b/d for the second straight month at 53 thousand b/d (+20 thousand b/d y/y). Crude inventories drew by 0.2 mb m/m. Diesel led the m/m growth in product inventories at 2.1 mb, which offset a 0.4 mb draw in LPG.

 

Log in to download

Other Data review publications

Australia oil data – Aug 2018

Published 20 hours ago

2018-10 Oil - Data review - Australia oil data – Aug 2018 cover

Australian oil demand continued to grow throughout August, rising by 52 thousand b/d y/y to 1.07..

Read more

Rig report

Published 3 days ago

No cover

Within this report you will be able to review the latest figures published by Baker Hughes by oil..

Read more

Key agency forecasts

Published 3 days ago

2018-10 Oil - Data review - Key agency forecasts cover

The key agency forecasts have been published this week. EIA published STEO Wednesday, the OPEC Se..

Read more

OPEC oil data – Sep 2018

Published 3 days ago

2018-10 Oil - Data review - OPEC oil data – Sep 2018 cover

We estimate that OPEC production fell m/m by 0.39 mb/d to 32.58 mb/d in September, lower y/y by 0..

Read more

US Department of Energy

Published 4 days ago

2018-10 Oil - Data review - US Department of Energy cover

Extract from crude oil:US crude stocks built counter-seasonally by 6.0 mb w/w to 410 mb. This mar..

Read more