Australia oil data – January 2019

Published at 10:50 15 Mar 2019 by

Users licensed for the data service can access our Australian oil data.

Australia’s oil product demand fell y/y for a second straight month in January, although only by 2 thousand b/d to just under 1.0 mb/d, the first sub-1 mb/d reading since October 2017. Gasoline demand fell y/y by 12 thousand b/d, despite average regional retail prices falling to their lowest since May 2018. Australia had its third-warmest summer on record in 2018, and January was the hottest month since records began in 1910, with the country’s mean temperature exceeding 30°C, which we expect has weighed on the number of kilometres driven. February was also hot, with temperatures exceeding the seasonal norm by 1.4°C. As for diesel, demand grew by 15 thousand b/d y/y amid a pick-up in factory activity, with the manufacturing PMI up m/m by 2.5 points to 52.5, marking a sharp recovery from its lows in December 2018. The improvement continued in February as the PMI hit 54. Jet demand rose y/y by 4 thousand b/d to 0.17 mb/d. The Australian Met Office expects a mild winter as El Niño conditions raise temperatures above normal, which could weigh on heating demand in Q2 19.

January refinery runs fell by 42 thousand b/d y/y to 0.49 mb/d, weighed down by lacklustre product cracks. Product imports fell by 93 thousand b/d y/y to 0.61 mb/d, led by a slump in diesel, down y/y by 76 thousand b/d at 0.31 mb/d. Nevertheless, product inventories grew m/m by 0.7 mb to 30 mb (+3.7 mb y/y), led by a 1.7 mb m/m rise in gasoline inventories to 7.3 mb, the highest since July 2018. Australia’s liquids output grew y/y by 31 thousand b/d to 0.31 mb/d, although this was entirely down to condensates, as crude production fell by 29 thousand b/d y/y to 0.12 mb/d, the lowest January reading on our records.

 

Log in to download

Other Data review publications

Europe oil data – May 2019

Published 23 hours ago

2019-07 Oil - Data review - Europe oil data – May 2019 cover
Extract from demand:European oil demand continued to decline in May, falling y/y by 0.67 mb/d to..

Read more

Middle East oil demand – May 2019

Published 1 day ago

2019-07 Oil - Data review - Middle East oil demand – May 2019 cover
Users licensed for the data service can access our Middle East oil data.Oil demand in the 10 top-..

Read more

US Department of Energy

Published 1 day ago

2019-07 Oil - Data review - US Department of Energy cover
Extract from crude oil:Despite an enormous total commercial inventory build (12 mb), crude stocks..

Read more

Canada oil data – May 2019

Published 2 days ago

2019-07 Oil - Data review - Canada oil data – May 2019 cover
Users licensed for the data service can access our Canadian oil production data&nb..

Read more

OPEC oil data – Jun 2019

Published 1 week ago

2019-07 Oil - Data review - OPEC oil data – Jun 2019 cover
We estimate OPEC recovered m/m by a marginal 30 thousand b/d to 29.89 mb/d in June. Compliance wi..

Read more