- WTI is trading slightly lower this morning, after snapping its longest streak of gains in over two years yesterday
- Bank of America comes out with bullish oil demand forecasts; Says oil demand will increase by 9 MMBbl/d, its fastest recovery since the 1970s
- Shipping data shows that China-bound tankers fell by 11 this week, while vessels headed for the U.S. increased by three
- Oil demand may rise by its fastest since the 1970s as markets recover from the COVID-19 pandemic, according to Bank of America (BAML)
- Last year, oil demand lost 8.7 MMBbl/d nearly overnight as widespread lockdowns restricted demand for transportation fuels. In the next three years, oil demand may rise by 9 MMBbl/d, according to BAML
- Demand is currently pegged at around 92-93 MMBbl/d or 7 MMBbl/d below its 2019 levels
- Crude shipments headed toward China fall; U.S. bound cargoes increase (Bloomberg)
- Crude tankers headed for China in the next three months dropped by 11 tankers from its six-month high of 127 reached last week to 116 vessels
- Vessels bound for the U.S. increased by three to a total of 20 tankers