- Oil rebounds as the market weighs abating demand concerns
- June ’23 WTI gained $1.68 this morning to trade around $73/Bbl
- Better-than-expected U.S. payroll data on Friday helped ease some concerns about an imminent economic downturn
- Prompt month WTI fell $5.4/Bbl last week amid U.S. and European macroeconomic concerns, marking the third week of declines
- On Saturday, Goldman Sachs analysts said in a note to their clients that worries about short-term demand and increased supplies were "overblown" (Reuters)
- Equities and the U.S. dollar remain relatively unchanged as the market awaits CPI and PPI inflation data later this week
- Tomorrow, U.S. political leaders are set to discuss the potential breach of the debt limit, shifting focus from banking regulations to the debt ceiling
- Nigeria’s giant Dangote refinery is set to be commissioned on May 22 (BBG)
- Nigeria is set to commission a 0.65 MMBbl/d oil refinery later this month, following years of delays and significant cost overruns
- Nigeria, Africa's top OPEC crude oil producer, has relied on fuel imports due to insufficient refinery capacity. The country aims to stop importing petroleum products by the 3Q2023