AUSTRALIA DATA: Imports fall, domestic jet demand at post-Covid high

Quantum Commodity Intelligence - Australian oil imports dropped nearly a quarter in May to 0.74 million barrels per day (bpd), with almost across-the-board falls for crude and products, even as domestic product sales gained 2.3% to 1 million bpd, showed government data released Thursday.

Inflows of crude oil fell 19.5% from the prior month to 0.19 million bpd, while jet imports were more than halved at 30,342 bpd.

Road fuels saw imports of gasoline drop 24.7% to 0.11 million bpd and diesel 27.7% to 0.36 million bpd.

Meanwhile, deliveries of jet fuel, a proxy for airline demand, grew 3.6% from April to 76,080 bpd, with fuel used for domestic travel now just 16.8% below the same month 2019, the closest demand has been to a pre-pandemic level.

However, fuel for international trips was still 71.9% below May 2019 at 26,780 bpd, a small improvement on the month but still far below pre-pandemic figures and compared to a year-to-date average of -74.8%.

The picture for road fuels was rosier, as gasoline deliveries ticked 0.4% upwards from April to 0.29 million bpd, down 3.1% from 2019, while diesel and gasoil gained 2.3% to 0.56 million bpd, up 4.8% from May 2019.

Total products demand was up 2.3% to 0.99 million bpd, 6.8% below the 2019 equivalent.