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Page added on November 5, 2022

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Chinese Power Demand Is Set To Soar

Consumption

1. A Flotilla of US Oil Is Moving Toward Asia

– Deliveries of US crude to Asia are set to reach an all-time high this month, soaring to 1.8 million b/d as the relative discount of WTI to other global benchmarks makes American barrels increasingly profitable.

– As recently as a couple of days ago WTI still traded at a 9 per barrel discount to Brent and a 6 per barrel discount to the Asian benchmark Dubai, with South Korea, China, and India all joining the buying spree.

– South Korea will remain the biggest buyer of US crude regionally, importing a record 620,000 b/d in November, while China will receive the highest volume since December 2020 (approximately 450,000 b/d).

– Chinese buying is particularly noteworthy as it comes after the huge 15-million-ton product export quota allocated in September, driving refinery runs much higher since.

2. China Woes Sink Bright Prospects for Iron Ore

 

– Iron ore has become one of the poorest performing commodities this year, writes Bloomberg, with Asian futures falling for seven straight months already, the worst run on record.

– Still overly dependent on Chinese demand, iron ore futures have dropped to almost $80 per metric ton, a third of what they were at their May 2022 peak.

– China’s Communist Party congress failed to introduce large-scale stimulus measures for the country’s real estate, which combined with anti-pollution curbs and government-mandated steel output…

| OilPrice.com



5 Comments on "Chinese Power Demand Is Set To Soar"

  1. makati1 on Sun, 6th Nov 2022 3:20 pm 

    Energy demand is going to grow in all of the non-Western world. You know, the other seven billion of us.

  2. Sunrooms on Mon, 7th Nov 2022 12:44 pm 

    Yea, I agree that energy demand has never been this needed. Not only in China

  3. Dredd on Sat, 12th Nov 2022 11:08 am 

    So are climate disasters (Seaports With Sea Level Change – 27).

  4. MARKE on Tue, 15th Nov 2022 4:48 am 

    Good article and good content. thank you.
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  5. kjop forerkort on Thu, 17th Nov 2022 5:01 am 

    Yea, I agree that energy demand has never been this needed. Not only in China
    kupete shof’orska knizhka.

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