World Oil Reports Oil Surges with U.S. Demand Bump Driving Global Rebound Optimism
A World Oil article this week quoted Bjornar Tonhaugen, head of oil markets at Rystad Energy, as saying "The market expects a major revitalization for global oil demand from this summer onwards. As vaccination campaigns progress and as lockdowns are set to soon be lifted in Europe and other recovering economies, the need for road and jet fuels will increase and the result will be felt."
The article also references some other optimistic U.S. benchmarks pointing towards a market rebound:
Futures jumped 1.5% Wednesday, posting the largest back-to-back daily gains in two weeks
Total petroleum stockpiles dropped last week
Biggest weekly decrease in distillate inventories since March
US freight demand driving a trucking boom
California's gas price rose to $4 a gallon for the first time in a year and a half
US domestic crude inventories rose by 90,000 barrels last week
Gasoline inventories grew for a fourth straigh week
The industry feels it. The world feels it. Things are returning to normal. And in a normal world, energy consumption is a basic component of our day-to-day lives. As oil rebounds and operations pick up we often see supply delays, challenges, and cancellations. PipeSearch has access to global octg inventory options to help get operations online. If you are in need of tubulars please check with us.
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