Although crude oil growth in Q1 is down 9% compared to the first quarter of last year, there has been a 3% rise since Q4. March data appears strong for crude oil, up by 11% – still 7% under last year’s March figures. Prices for this commodity have remained relatively stable during Q1 at around $65-70 per barrel. In terms of demand, main importing regions appear to have stabilised. China receiving around 38-40 million tonnes and India’s demand ranging between 15-20 million tonnes.
The real star of Q1 was the significant growth of oil products. Gasoline up by 16% and kerosene (largely used as jet fuel) by 32% compared to the last quarter. Kerosene also previously saw a 32% in the previous quarter as well, indicating a noticeable come back for the aviation industry. Q1 Gasoline imports are strong, with the USA up by 54% and Mexico by 59% in terms of tonne mile growth. LNG had an average rise of 3% also in tonne mile terms, with the largest gains seen from Japans 11% rise in demand. China’s imports of LNG have dropped by 8%, however this does follow a significant 44% rise in the previous quarter.