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Japan's fuel oil imports up in May y-on-y

Oil
 

Despite lower production and reduced demand, Japan's fuel oil imports in May were up 48.8% y-on-y.

Fuel oil demand has become closely tied to Japan's power needs over the last three years, after the shut-down of its nuclear reactors post-Fukishima. With imports and fuel oil consumption for power generation showing a strong correlation over the same period, it appears that shortfalls in fuel oil for power generation needs are met through imports. Therefore, with Japan yet to bring back its nuclear reactors in 2014, we should expect to see a similar correlation for the rest of the year.

 

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