The oil price rose strongly in September from $70 to $79, and as a result the whole tanker market fell by 7%. Demand for crude oil fell by 8%, and overall oil products fell by 2%. LNG surprisingly fell by 10%, and LPG fell by 4% month on month.
Crude oil demands fell by about 10 million tonnes in September, and the majority of that was from China, which fell from 37 to 34 million tonnes. India also fell by 3 million tonnes. South Korea increased by 1 million tonnes.
Oil products trade maintained at a consistent level at 88 million tonnes. There was a slight drop in fuel oil and gas oil and a slight increase in naphtha. But overall the levels were similar to the last five months.
The LNG price grew exponentially in September amidst the global energy crisis. Looking at the data, we can see that there was definitely a shortage too. 28 million tonnes trade in September compared to 29 in August, 31 in July and 32 in June. Japan’s volumes fell from 5.9 to 4 million tonnes. China managed to gain some more ground in the energy crisis with 6.2 million tonnes in September compared to 6.1 in August.