Checking through analysts notes and comments for oil, demand is seen as rising:

  • NY has reopened
  • California has reopened

US demand is expected to continue to strengthen on such developments especially during the summer 'driving season'.


  • signs of rising traffic across Europe

Outside the US/Europe its not quite so rosy, says Commerzbank:

  • China ... (demand) appears to be cooling again somewhat ... high prices, low refinery margins, fairly high inventories and an increasing focus on electric vehicles are all taking their toll


Vitol (via a Platts report)

  • expects global oil prices to trade in the $70-80/b range for the remainder of 2021
  • OPEC+ producers maintain their production discipline to accommodate the expected return of Iranian oil exports to the market

Goldman Sachs (Platts again)

  • warn the end of investment in long-term crude projects and the ripple effect that could have on prices further out (ie higher)

Glencore (via an ANZ note)

  • global demand should return to normal in the third quarter

Vitol again (via ANZ)

  • diesel and petrochemical demand is already at pre-pandemic levels