Oil demand in JODI reporting countries declined slightly faster than the seasonal norm in January while crude production increased marginally.

Demand was at 97% of pre-COVID levels while crude supply was at only 93%.

Diesel and gasoline demand fell month-to-month at ~1.5x steeper rate than the usual seasonal decline. Both products are ~5% below pre-COVID demand levels.

Jet fuel remains depressed at 26% below pre-COVID levels.

Crude inventories declined by ~25.3 mb m/m and are now ~272 mb below the 5-year average.

Product inventories increased by ~33.7 mb m/m and are now ~74 mb below the 5-year average.

Refinery intake declined by less than the seasonal norm and was at 94% of January 2019 levels.