Japan oil data – Feb 2016

Published at 08:38 31 Mar 2016 by . Last edited 11:17 22 Aug 2019.

Japanese February oil demand increased seasonally m/m by 0.23 mb/d to 4.17 mb/d, but the y/y decline of 0.47 mb/d was the steepest since August 2014, due to a mild winter with 19 fewer HDDs compared to a year ago. Indeed, demand for all products fell with the exception of jet which rose by 7 thousand b/d. Fuel oil led the declines, down y/y by 0.12 mb/d due to lower power generation (-1% y/y) as well as a brief period of operations of Kansai’s Takahama 3 nuclear reactor before a court injunction shut it again in early March. This may help fuel oil regain some grounds, especially as weather forecasts point to a warmer than usual summer. LPG demand declines were also exacerbated by the warm winter, falling by 0.12 mb/d y/y. Similarly, kerosene (used for home heating) declined y/y by 48 thousand b/d. Despite February seeing the widest spread between ethylene and naphtha since June 2015, naphtha demand declined by 93 thousand b/d y/y. This was due to the permanent closure of Asahi Kasei’s 0.5 Mtpy naphtha cracker on 12 February as part of ongoing consolidation and unplanned works at the Kashima 2 and Yokkaichi crackers. Gasoline demand fell y/y by 32 thousand b/d despite average retail prices dropping to the lowest level since April 2009 while gasoil demand fell by 16 thousand b/d y/y, as February’s PMI of 50.1 marked the slowest growth in eight months. We expect Japanese demand to decline y/y by around 0.2 mb/d in 2016.

February runs came in lower y/y by 0.15 mb/d to 3.47 mb/d due to warm temperatures weighing on domestic demand. Crude imports were lower by 0.19 mb/d y/y although Iranian imports spiked to the highest level since March 2015, at 0.24 mb/d. Thus, crude stocks drew by 4.1 mb. Product stocks drew by 6.7 mb, as exports hit the highest levels since August 2010.

Log in to download

Other Data review publications

Middle East oil demand - Sep 2019

Published 4 hours ago

2019-11 Oil - Data review - Middle East oil demand - Sep 2019 cover
Users licensed for the data service can access our Middle East oil data.Oil demand..

Read more

Europe oil data - Sep 2019

Published 4 hours ago

2019-11 Oil - Data review - Europe oil data - Sep 2019 cover
Users licensed for the data service can access our Europe oil data.Extract from demand:European o..

Read more

Canada oil data – Sep 2019

Published 3 days ago

2019-11 Oil - Data review - Canada oil data cover
We forecast that Canadian liquids production was lower m/m by 85 thousand b/d in September but hi..

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

OECD Asia oil data – Sept 2019

Published 3 days ago

2019-11 Oil - Data review - OECD Asia oil data – Nov 2019 cover
Users licensed for the data service can access OECD Asia country level oil data.Oil pro..

Read more