bullish
Global Commodities: Demand for Oil Is Good, Just Not for Crude
SUMMARY
- Brent crude has weakened by $10 since early April, with the prompt time spread indicating plentiful supply relative to consumption
- Demand for crude oil for combustive fuels like gasoline and diesel is expected to peak towards the end of the decade, while demand for natural gas liquids used in petrochemical production is set to rise
- Preliminary demand data for April showed signs of improvement, with observable oil inventories increasing, particularly in China, due to lower oil prices prompting stockpiling
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.
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