South Korea oil data – Sep 2018

Published at 14:06 23 Oct 2018 by . Last edited 11:18 22 Aug 2019.

South Korean oil product demand fell y/y for the third straight month, by 19 thousand b/d to 2.56 mb/d as rising global crude oil prices, economic slowdown, and a rising unemployment rate are weighing on product consumption. According to the Bank of Korea, the country’s import price index jumped by 1.5 ppts m/m in September driven by strong crude and other commodity prices (+6.0 ppts m/m, +36.8% y/y). Gasoline demand was flat y/y at 0.23 mb/d. To stimulate domestic gasoline demand, the South Korean government is considering a 10% gasoline tax break at retail outlets from early November, which would obviously boost demand if implemented. Naphtha demand rose y/y by 37 thousand b/d to 1.28 mb/d, while propane demand fell by 5 thousand b/d y/y. Planned cracker maintenance between September and November is materially higher y/y (0.12 Mt of daily ethylene capacity), which will keep propane (and naphtha) demand in check, although the loss of Iranian South Pars condensate is providing support to naphtha demand. Diesel was the main drag on demand, falling y/y by 41 thousand b/d, as government and private-sector investment has weakened in recent months.

Refinery runs rose y/y in September by 9 thousand b/d to 2.96 mb/d mb/d. Product exports fell by 32 thousand b/d y/y, led by jet, but the decline was limited by an 83 thousand b/d y/y increase in diesel exports. Crude stocks fell m/m by 7.8 mb (-0.25 mb lower y/y), but satellite data show stocks have built in October. September product stocks built by 2.02 mb, driven by diesel. Crude oil imports from Iran fell to zero ahead of the 4 November sanctions deadline. Instead, Korea raised imports from Kuwait (+79 thousand b/d m/m) and Qatar (+0.15 mb/d m/m), the latter likely included condensates to replace lost South Pars condensate barrels.

Log in to download

Other Data review publications

Rig report

Published 1 day ago

No cover
Within this report you will be able to review the latest figures published by Baker Hughes by oil..

Read more

US Department of Energy

Published 3 days ago

2019-12 Oil - Data review - US Department of Energy cover
Users licensed for the data service can access our US crude balances.Extract from..

Read more

Brazil oil data – Oct 2019

Published 4 days ago

2019-12 Oil - Data review - Brazil oil data – Oct 2019 cover
Users licensed for the data service can access our Brazil oil data.Brazil’s..

Read more

Russia and FSU – Oct/Nov 2019

Published 5 days ago

2019-12 Oil - Data review - Russia and FSU – Oct/Nov 2019 cover
Users licensed for the data service can access our Russia and FSU oil data.Russian..

Read more

US demand – Sep 2019

Published 1 week ago

2019-11 Oil - Data review - US demand – Sep 2019 cover
US oil demand rose in September by 0.14 mb/d y/y to 20.2 mb/d, a 0.72 mb/d downward revision from..

Read more