Friday July 12, 2019
In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.
Let’s take a look.
1. India oil demand disappointing
• The country widely expected to be the top source of demand growth for years to come – India – is posting some unimpressive growth figures.
• India is thought to see demand double between 2017 and 2040, growing 5.8 mb/d to reach 10.4 mb/d. The 5.8 mb/d increase exceeds China’s expected increase of 5.1 mb/d over the same time frame, which means India is the top source of demand growth.
• Over that same period, demand in OECD countries is expected to decline by 8.7 mb/d.
• In the short run, India’s importance is also on the rise. Over the past five years, India accounted for 16 percent of the global increase in demand, according to Standard Chartered.
• But this year, at least, India has disappointed. “After a strong start to 2019, India’s demand fell 0.1% y/y in April and rose just 1.5% in May, below our 2019 forecast of 4.3% (198kb/d),” the bank said.
2. Gold price increase driven by speculators
• Gold prices surged close to $1,420 per troy ounce in June and have zigzagged since then, hovering…