May 29, 2024 14:13 GMT
MNI Commodity Weekly (Oil/Oil Products) - Non-OPEC Supply and China Weakness Top Focus Ahead of June 2 Meet
- Non-OPEC Supply and China Weakness Top Focus Ahead of June 2 Meet: OPEC+ is under pressure to rollover its current cut commitments this week as its ambitious demand growth forecasts come under question, especially with demand weakness out of China.
- Oil Markets: Brent front month narrowly breached $85/bbl for the first time this month over expectations of an OPEC+ rollover, buoyant demand indicators out of the U.S. and more price sensitivity to Middle East escalations.
- Oil Product Markets: Refining capacity is returning in the U.S. and Europe as summer demand heats up, though projections indicate U.S. gasoline demand could be overall seasonally weak – weighing on cracks.
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