The crude oil price moved from $75 to $85 during January, which seems a world away from where we are today. This was before the Russian invasion and during this period, demand for oil products was flat and crude oil fell 2%. What’s more interesting is comparing where we are in January with January last year and we see that crude oil is a lot stronger. An impressive 7% higher, which reflects the bounce back from COVID-19. Oil products are up 11% which is an even stronger indicator showing that aviation and gasoline based products are doing a lot better. Also interesting is LNG, the hottest market out there, which is 17% higher over one year which beats everything!
