The oil demand tug-of-war continues


A couple of forecasts over the past two days:

Via a note from ANZ, some added information:

  • high frequency data continue to suggest demand is holding up. US gasoline demand is only 1.9% below 2019 levels. Motorways in Brazil, Mexico and Chile were all above pre-pandemic levels. In the UK, service station sales have rebounded strongly and are now only 6% below 2019 levels.
Perhaps the technicals are the best bet with conflicting data coming in? Daily chart (this one below from our charting tool here ) suggests the uptrend is faltering… alternative views welcome!
A couple of forecasts over the past two days:

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