Global Oil Demand
Ed Yardeni | Nov 20, 2013 12:36AM ET
The Oil Market Intelligence (OMI) group tracks monthly global oil demand. I track the 12-month moving averages of their data to smooth out the monthly volatility. Total world demand rose to a record 91.1mbd during October. However, that’s up at a rather anemic pace of 1.3% y/y. The OMI data show that demand in the 34 advanced economies of the OECD fell 0.3% y/y last month. The growth rate among non-OECD countries has been slowing since January, from 3.8% to 3.0% during October.
By the way, so far, it’s hard to see any positive impact of Abenomics on Japan’s oil demand, which has been falling for the past nine consecutive months through October. Electric power consumed by large producers rebounded earlier this year, but fell sharply during August and September.
Today's Morning Briefing: Super-Cycle. (1) Super, but short. (2) Gold’s message. (3) Industrial commodity prices not so super since 2011. (4) When emerging economies emerged. (5) The best cure for high commodity prices. (6) Margin squeeze. (7) Glencore vs. Caterpillar. (8) Slow global growth is bullish for stocks. (9) OECD’s downbeat outlook. (10) Europe’s malaise. (11) Not much heat in global oil demand. (12) Focus on underweight-rated S&P 500 Energy.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.