Project Description
Summary:
Crude oil prices rose gradually throughout April. As a result, crude oil trade fell 6% overall in April. Trade remains considerably down from last year, decreasing by 6% year on year.
Oil products are fairing better. A 14% rise in April on the back of a 16% rise in March shows gradual increase is occurring with this cargo. Oil products trade in April overall is 30% higher than this time last year.
All oil products are doing well. Fuel in April is very strong. Gasoline continues to rise as consumers are becoming more adapt to dealing with Covid. 20 million tonnes of gasoline were traded in tankers in April. This is similar to figures seen during March. Diesel is also particularly strong with the highest volume seen in some years at 29 million tonnes. This is much higher than April last year, which saw 21 million tonnes of diesel overall.
LNG has had a strong start to the year, numbers are very positive compared to 2020. In April, figures dropped back a little as less volumes headed into Japan.