May 17, 2023 13:26 GMT
MNI Commodity Weekly: Global Oil Demand Hopes Remain Hinged on Chinese Momentum
- Global Oil Demand Hopes Remain Hinged on Chinese Momentum: Chinese economic recovery indicators have been a mixed bag in recent weeks, but travel figures remain supportive of growing domestic fuel consumption, fueling a bullish IEA monthly report on a recovery that “continues to surpass expectations.”
- Oil Markets: Crude prices are still under pressure from US and China demand concerns while near term supply issues, OPEC cuts and US SPR restocking plans have provided some support.
- Gas Markets: Bearish European gas markets could be finding some support with signs of increasing LNG demand in Asia and warm weather in Europe while Norwegian supply is still curtailed by maintenance. US Natgas has rallied on concern for slowing drilling activity.
Full piece here:
MNI Commodity Weekly - Global Oil Demand Hopes Remain Hinged on Chinese Momentum.pdf
Keep reading...Show less