- Oil prices rebounded from three-week lows earlier this morning, following a 4% selloff over the past two trading days
- Traders continue to weigh the impact of curbs on movement due to the spreading Delta variant versus a forecast of a tight oil market through the remainder of 2021
- A large portion of COVID related restrictions reside in China, where crude refining is set to be scaled back, and air travel has relaxed
- China’s biggest refiner is paring back operations as Beijing’s COVID response reduces demand for oil products (Bloomberg)
- State-owned Sinopec is cutting run rates at some plants by 5% to 10% this month as compared with July levels, Jean Zou, a researcher at ICIS-China, said in an interview
- Chinese airline carriers have reduced the number of seats offered by the most since early in the Covid-19 pandemic. Seat capacity plunged 32% in one week, according to data from aviation specialist OAG (Bloomberg)