Summary of J.P. Morgan Oil Demand & Inventory Tracker Industry Overview - The report focuses on the global oil industry, specifically analyzing oil demand and inventory levels as of September 2025. Key Points Global Oil Demand - Global oil demand expanded by 520 thousand barrels per day (kbd) year-over-year (YoY) in September 2025, averaging 104.4 million barrels per day (mbd) [1][4][5] - Year-to-date through September 17, global oil demand growth is tracking a 0.8 million barrels per day (mbd) expansion, slightly below the estimate of 0.83 mbd [4][5] - Demand indicators outside the US show resilience, with a 7% YoY increase in container throughput in China during the first week of September, indicating healthy export demand [4][5] Inventory Levels - Global liquids inventories surged by 72 million barrels (mb) in September, with a total increase of 220 mb year-to-date [2][4] - OECD (including Singapore) stocks increased by 72 mb, while stocks in China grew by 84 mb [4][5] - A notable 14 mb increase in oil product inventories was observed last week, contributing to the overall rise in global liquid stocks [5] Regional Insights - In the US, container arrival volumes are expected to be 10% lower than last year, with early signs indicating a continuation of this decline into October [4] - Global cargo flight volumes have fallen to a 20-month low, impacting US jet fuel demand [4] - Three economies reported their oil consumption statistics, reflecting varied performance across regions [4][31] Other Important Observations - Crude oil stocks have seen a drawdown in recent weeks, but there is a net increase of 163 mb in crude oil inventories year-to-date, while oil product stocks have risen by 56 mb [5] - The report highlights the importance of monitoring global demand indicators and inventory levels to assess market conditions and potential investment opportunities [4][5] Conclusion - The analysis indicates a complex landscape for the oil industry, with strong demand growth in certain regions and significant inventory changes that could impact future pricing and supply dynamics [1][4][5]
石油需求与库存追踪-Oil Demand & Inventory Tracker