A few snippets from ANZ remarks on oil demand:
- signs demand is holding up despite the rampant Delta variant
- officials from well-vaccinated countries reluctant to reinstate harsh lockdown measures, the risk of demand growth faltering is diminishing
- gasoline demand in several major regions has returned to pre-pandemic levels amid rising road traffic data
- the jet fuel market is showing signs of improvement
And on supply:
- Despite OPEC agreeing to increase production recently, a lack of growth from other producers such as the US shale oil industry suggests the market won't be awash with crude in the medium term
