Severe cold spells bolster Japan’s heating oil, power fuel demand in Jan
The severe cold spells in Japan boosted domestic heating oil consumption and kerosene imports in January, while the country ramped up oil procurement for thermal power generation, driving up fuel oil and direct-burning crude purchases in the month.
Japan’s oil demand for power generation shot up as the country faced a significant increase in its thermal power generation in early January because of severe cold spells, which had tightened the country’s power supply and demand balance, because of a sharp drop in LNG stocks and low solar power output from bad weather.