- China sees record-breaking travel pickup ahead of Labor Day
- According to trip.com, people will make an estimated 200 million trips, surpassing the record for the national holiday previously set in 2019
- Bookings for seats on planes, hotels, and car rentals were up 23%, 43%, and 126%, respectively, compared with the same period in 2019, according to estimates from Trip.com
- India's COVID surge may lead to supply glut (Reuters)
- The surge is expected to reduce oil liquids demand by an average of 575 MBbl/d in April, and 915 MBbl/d in May, according to Rystad Energy
- India reported 379,257 new cases on Thursday, with 3,645 new deaths, making it the deadliest day for any country since the start of the pandemic
- The EIA reported a build of (+) 90 MBbls for the week ending April 23, above the estimate of a (-) 60 MBbls draw
- Inventories for the US are now at a deficit of 25.533 MBbls to last year and a surplus of 3.70 MBbls to the five-year average
- Refineries are now running at a post-pandemic high of 85.4% of capacity as they scramble to produce more gasoline ahead of the summer driving season