- Oil extends losses as concerns about an economic slowdown fuel demand fears
- June ’23 WTI lost 46c this morning to trade around $77.41/Bbl
- Oil prices gave up most of their OPEC-driven gains last week amid renewed demand concerns
- Central banks in the U.S. and Europe are expected to raise interest rates in May to combat inflation
- Market awaits China's Golden Week holiday in early May to see if it signals a strong economic recovery
- Equities and the U.S dollar are trading lower ahead of earnings from major tech and consumer companies this week
- Tankers depart Turkey without Kurdish oil after a month-long wait (BBG)
- Two tankers departed over the weekend without loading any crude, indicating a prolonged standoff between the governments involved
- The lack of roughly 0.45 MMBbl/d of crude sales from Ceyhan has tightened supplies ahead of further cuts announced by producers in OPEC+
- China's Golden Week holiday could boost jet fuel and oil demand (BBG)
- Oil traders are watching China's Golden Week holiday in early May to see if it signals a strong economic recovery
- In 2019, about 170 million Chinese holidayed abroad during the Golden Week holiday. That figure sank to less than 9 million last year at the height of China's lockdowns
- As of April 18, actual bookings were more than ten times that of last year, and jet fuel demand recovery is expected to boost crude demand in 2023
- Strong air travel during Golden Week could support Chinese demand recovery, while low travel numbers could weaken the demand outlook