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21 Oct 2014
China's oil demand rises by 6.2% in September
FXStreet (Łódź) - Independent Analyst Malcolm Graham-Wood comments on data revealing that China's oil demand increased 6.2% in September, above expectations.
Key quotes
"All eyes were on the Chinese GDP data overnight and there was relief that they weren’t bad, in the end slightly beating the whisper at 7.3%."
"Forecasts had centered around 7.2% after last figs of 7.5% but overall not too bad."
"The oil stats were actually better than economists had predicted with oil demand up 6.2% to 10.3m b/d which I am sure will include a degree of stock build."
"Retail gasoline prices in the USA are beginning to show the advantage of the lower crude realisations with gasoline falling sharply again this week. At $3.12 a gallon the price is down 9 cents on the week and is 24 cents a gallon less that this time last year."
Key quotes
"All eyes were on the Chinese GDP data overnight and there was relief that they weren’t bad, in the end slightly beating the whisper at 7.3%."
"Forecasts had centered around 7.2% after last figs of 7.5% but overall not too bad."
"The oil stats were actually better than economists had predicted with oil demand up 6.2% to 10.3m b/d which I am sure will include a degree of stock build."
"Retail gasoline prices in the USA are beginning to show the advantage of the lower crude realisations with gasoline falling sharply again this week. At $3.12 a gallon the price is down 9 cents on the week and is 24 cents a gallon less that this time last year."