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Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

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New Lockdowns In Asia Spark Oil Demand Concerns

The week got off to a promising start with prices hitting their highest level since March 18 after Libya declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities, citing a budget dispute. But things went downhill from there on fears that India, the world’s third-biggest oil importer, may impose restrictions as coronavirus infections and deaths surged to record highs.

These new concerns over demand essentially became the theme of the week as a series of bearish developments outweighed few potentially bullish developments.

Bearish Factors

India Records World’s Highest Daily Covid Total

India, the world’s third-largest oil user, on Thursday reported the world’s highest daily increase to date with 314,835 new coronavirus cases.

Indian Oil Corp Ltd’s refineries are operating at about 95% of their capacity, down from 100% at the same time last month, two sources familiar with the matter told Reuters.

Japan Announces Third Wave of Lockdowns

Japan, the world’s No. 4 oil importer, is expected to announce a third wave of lockdowns affecting Tokyo and three western prefectures, media reported.

The Japanese government plans to declare a state of emergency for the third time for Tokyo and three other prefectures following a resurgence of new COVID-19 infections, Prime Minister Yoshihide Suga said on Thursday.

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  • Ibrahim on April 24 2021 said:
    What is the current daily consumption of oil by india

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