Comments from Vitol head of Asia, Mike Muller, speaking on a webcast over the weekend. On China:

• "Gasoline demand in China is still pretty good," ... "has surprised on the upside"
• "The bit missing from the China demand equation is long-haul jet travel, long-haul aviation. I think it's fair to say globally and in China, domestic air travel is back to pre-pandemic levels if not above in many places but long-haul is not."

More widely:

• global oil demand is expected to grow in excess of 1.5 milion b/d to 1.6 million b/d this year
• "People are revising diesel demand down to a point where year-on-year demand for diesel globally in 2022-23 is really down to just 100,000 b/d or 200,000 barrels a day now in some people's minds and it's gasoline that's now picking up the slack"

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Vitol is a Swiss-based Dutch multinational energy and commodity trading company

This article was written by Eamonn Sheridan at www.forexlive.com.

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