China Jet Fuel Demand Set To Soar Ahead Of Lunar New Year
China's oil demand could surge as it reopens after scraping zero Covid restrictions. Beijing's Covid curbs weighed on crude and refined products demand for three years. Soaring air travel demand ahead of the Lunar New Year is yet more evidence fuel demand is gathering steam. China's easing of border restrictions imposed almost three years ago has been a recent boon for air travel, domestically and internationally. There are no more mandatory quarantines for travelers arriving in China. BloombergNEF said jet fuel demand is rising in China ahead of the holidays. They noted that scheduled passenger flights for Jan 10 to 16 indicate jet fuel demand has reached about 0.61 million barrels per day (mbpd), rising 0.10 mbpd compared with a week earlier. Then by next week, jet fuel demand could increase to 0.72 mbpd. This would mark the highest demand for Chinese jet fuel in more than 1.5 years. Source: Bloomberg, www.zerohedge.com
Recession risk - Bloomberg’s monthly global growth tracker drops to 0.1%
Bloomberg Economics Global GDP Tracker Source: Bloomberg TV
Global Supply Chain Stress is easing
Source: Bloomberg
Another sign of economic growth softening in the US?
US Small-Business Optimism Falls to Second-Weakest Since 2013 - Bloomberg
China's reopening is underway!
As shown by the average traffic congestion index in 10 major Chinese cities, China's domestic mobility is recovering rapidly!
French trade deficit expanded in November
As November trade data come in - after European energy prices had come back down - we're getting a picture of the "new normal" across Europe. Here is the French trade deficit (-) every November. Huge trade deficit in 2022, exacerbated by the maintenance of nuclear power plants... Source: Robin Brooks
A 55% YoY price increase for the classic burger...
While inflation starts to cool down in the US and Europe, it is soaring in Japan. Source: Wall Street Silver
Bulk carrier ship Glory grounded in Suez Canal
Bulk carrier Glory ran aground in the Suez Canal on Monday morning, according to shipping agency Leth, which said efforts to refloat the vessel were underway. An employee of the Suez Canal Authority, who could not be named as the news had not been officially announced, told CNBC that other ships in the canal were still able to pass the grounded Glory by around 7:30 a.m. London time. The Suez Canal is one of the world’s most important waterways, with its 120 miles hosting 30% of global shipping container traffic and 12% of all global trade worth about $1 trillion annually. Source: CNBC
