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MNI Commodity Weekly: Chinese Air Travel Supportive of Global Demand this Summer with Headwinds into August

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Chinese Air Travel Supportive of Global Demand this Summer with Headwinds into August: The post lockdown Chinese air travel boom has supported global oil demand this year as widely expected promoting the IEA to report record levels of oil demand with headwinds into August. Questions remain about Chinese oil imports with potential for refiners to tap record inventories in a bid to avoid higher crude prices on global markets.

Oil Markets: Oil markets drift lower with China demand in focus countered by ongoing support from tighter supplies due to OPEC+ production cuts and Kazakhstan supply disruption.

Gas Markets: TTF swings in volatile trading as the market awaits news on potential industrial action at LNG export facilities in Australia which could limited global LNG supplies. US fundamentals remain relatively stable with strong production and above normal demand boosted by ongoing warm weather across the country.

Potential Industrial Action in Australia Update: See latest overview of Australian strikes threatening 10% of global LNG supply rattling European gas markets.


Full piece here:

MNI Commodity Weekly - Chinese Air Travel Supportive of Global Demand this Summer with Headwinds into August.pdf



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