The oil price remains strong in July at approx. $75 per barrel, as a result crude oil volumes declined in July. They fell 9% month on month. Volumes are 5% below in July compared to the previous year, so the oil market is still struggling. However, oil products remain strong at 33% above last year’s July, there hasn’t been much growth in the last three months, yet numbers have remained stable during this time. This indicates some recovery from covid-19 impacts. 90 million tonnes of oil products were traded in July, this is up from 68 million tonnes the same month last year.
Oil products across the board appear healthy. Gasoline is doing well and remains stable in the last three months, around 21 million tonnes. Fuel oil did very well at 14 million tonnes in July. Jet fuel reaching 6 million tonnes, the highest volume in recent years. Many of the additional jet fuel exports have gone to the USA.
LNG is remaining strong with only a slight decline in July; however, volumes are still 30% above last years figures. Chemical tankers remain stable. Vegetable oils had a slight decline, 16% below July last year.
United States had the strongest crude oil market in July, imports went up to 11.2 million tones from 8.7 million tonnes the previous month. China continued to remain steady, as well as India among other South East Asian countries too.