Global diesel stockpiles have fallen to worryingly low levels, according to an FGE report. See evidence of oil demand destruction amid the war in Ukraine. War in Ukraine, financial sanctions targeting Russia and spread of the omicron variant in China have all had even more of a direct impact on oil demand than elevated prices Revising lower 2Q demand forecast by 1.1m b/d, and reduced the outlook for both of the two remaining quarters by about 500k. Revisions are heavily concentrated in Europe, which remains the epicenter of the geopolitical shock - J.P. Morgan Head of Global Commodities Research

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