Robust Chinese Fuel Demand Cushioning Oil Market Once Again
- Wholesale gasoline prices are back at pre-pandemic levels
- Rising consumption helping to boost processing margins
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China’s rapid rebound from the Covid-19 pandemic last year helped pull the global oil market out of its downward spiral and put it on a path to recovery. With the coronavirus once again flaring up across Asia, the region’s biggest economy is acting as a bulwark once again.
Fuel consumption has risen as domestic travel picks up across China, with residents confident localized outbreaks will be dealt with swiftly. The nation is also forecast to import more crude this year than in 2020 due to the economic recovery, as well as a steady expansion of refining capacity. Here are four charts showing the impact of accelerating Chinese energy demand.