Project Description
We’ve observed a sustained uptick in oil demand. This positive trend is buoyed by anticipated robust summer demand, particularly from Asia and the US. Since the year began, demand growth has remained robust, with February witnessing a notable 5.3% year-on-year increase in crude oil market performance. Concerns about geopolitical risks have contributed to push prices up by $10 since the year’s outset.
While LNG volumes experienced a dip in January and February, the year-on-year growth for February stands impressively at 8.4%. The decline in volumes, primarily from Asia, has been supported by continued strength in other regions.
The chemical tanker sector saw a slower start to the year, experiencing declines in both January and February. However, February’s year-on-year growth remains resilient at nearly 5%, indicative of the robust volumes seen in 2024.