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MNI Commodity Weekly: Global Oil Demand Still Awaits Chinese International Travel Recovery

OIL
  • Global Oil Demand Still Awaits Chinese International Travel Recovery: The Chinese air travel rebound is finding new strength with summer demand rising and remains the driving force of the global jet recovery but international travel still lags well behind domestic.
  • Oil Markets: Crude futures have trended lower over the last week amid ongoing global economic concerns and the risk of further central bank rate hikes despite Russia supply risks and Saudi production cuts in July.
  • Gas Markets: TTF remains volatile with a drop in LNG imports, reduced Norwegian pipeline supplies and warm weather forecast in early July offsetting healthy storage levels. Meanwhile, in the US, warm weather is expected to boost cooling demand.

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