Summary notes on crude via ANZ, noting that further strength in demand continue to emerge
On the positive side:
- emergence of several US cities from lockdown
- stronger demand in gasoline ahead of the key US summer driving season
- In Europe, UK’s road fuel sales are nearing last summer’s levels
- Sales for air travel, hotels and car rentals are selling out in China ahead of its Labour Day holiday
- oil market has also been caught up in the broader rally across commodity markets as the recovery across key economies picks up
& not so positive:
- renewed optimism is overshadowing headwinds in India, where a second wave of infections of COVID-19 are resulting in new travel restrictions being put in place
- Demand in Japan and Brazil is also likely to be hit by a surge in infections and new restrictions
