Project Description
The oil prices kept within a $15 band for most of this year with the strong dollar and concerns about the Chinese economy being the biggest factors of keeping the oil price in the current position. Crude oil trade growth for May was 1.3% above this time last year and a minor percentage growth compared to April for this year. oil products are trading a lot higher and lng Growth is still the main area of growth.
Oil product demand is slightly higher than last year and mirrors the trend of crude oil. Clean product demand, particularly for Aframax and Suezmax vessels, has grown, while demand for dirty products remains steady.
LNG and LPG are performing well, with 13% and 11% year-over-year growth, respectively. LNG demand rebounded in April after declining in March and April, with growth primarily driven by Asia, while demand in Europe has stayed consistent.