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China’s Oil Demand at Risk as Millions Scrap New Year Travel

  • Lunar New Year trips forecast to be down 40% from 2019
  • Gasoline, jet fuel demand to suffer; diesel may get a boost
Travelers at the Hongqiao Railway Station ahead of Lunar New Year in Shanghai, Jan. 15.
Travelers at the Hongqiao Railway Station ahead of Lunar New Year in Shanghai, Jan. 15.Photographer: Qilai Shen/Bloomberg
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For Rachel Tian -- and millions of other Chinese people -- Lunar New Year festivities look set to be less of a family affair in 2021.

The Beijing-based securities analyst would normally be preparing to drive to her hometown of Baoding in Hebei province, about two hours away by car, to spend time with her parents. But this year she’s decided to follow the advice of her daughter’s elementary school that children not leave the Chinese capital over the holidays.