The oil price range in March went from $90 up to a peak of $120, down and up again to about $110 and back down again to about $100 by the end of March. This of course was due to the outbreak of war in Ukraine. Off the back of two negative months, crude oil grew by 3% in March. Oil products gained 12%, recovering the loss from January and February.
LNG and LPG remains strong with 23 and 24 percent growth respectively, and vegetable oil grew 31% as sunflower oil was in high demand as a direct result of the conflict in Ukraine. Gasoline and gas oil jumped in March from 20 to 24 million tonnes for gas oil and 14 to 17 for gasoline.
After a couple of suppressed months, LNG demand grew the most in the Far East in March, with Japan, China and South Korea all having significant gains in the volume.