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Oil Market Highlights on Monday 27th

OIL

Some key oil market highlights on Monday - a public holiday in the UK and US:

  • A member of Egypt's security forces was killed in a shooting incident near the Rafah border crossing between Egypt and the Gaza Strip which provided support for oil on Monday.
  • OPEC+ is still widely expected to roll over voluntary cuts this week. Members have made announcements ahead of the meet in the past when announcing voluntary cuts.
  • UBS: EXPECTS OPEC+ TO EXTEND THE CURRENT PRODUCTION CUT FOR AT LEAST ANOTHER THREE MONTHS - rtrs
  • Ukraine is attempting further record length drone strike attempts at 1800km at the weekend - though this effort was shot down. Previous record was ~1500km.
  • Memorial Day travel: On the air travel front, U.S. seat numbers on domestic flights for May rose by 5% m/m and almost 6% y/y to slightly above 90 million, surpassing 2019 levels - OAG.
  • International flight seat numbers for May rose by 11% y/y to around 14.2 million, with the levels also 8% higher than the same period in 2019 - OAG.
  • US gasoline demand: “To see gasoline demand struggle to hit 9mbpd in the week ahead of Memorial Day is quite notable, and signs that we could struggle to even hit the 9-number for July 4 and Labor Day. Peak July demand may not even hit 9.2-9.3 this year,” GasBuddy’s Patrick De Hann on X.
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