A couple of forecasts over the past two days:
- IEA downgrades oil demand outlook due to worsening progress of COVID-19 pandemic
- OPEC sees 2021, 2022 global oil demand growth forecasts unchanged in latest monthly report
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!