- Oil demand recovery faces pressure as Indian COVID cases continue to mount (Reuters)
- India has reported a global record for new COVID cases for five consecutive days, with cases increasing by 352,991 on Sunday
- AEGIS notes the covid surge in India will hurt crude demand on several fronts. Lockdowns in India will limit gasoline and motor fuel demand, while other countries will restrict flights incoming from India, harming jet fuel demand
- Citi sees global demand hitting a record-high of 101.5 MMBbl/d between April and August
- The bank noted that the surplus across OECD inventories has already cleared, with the remaining overhang in China being used to build a permanent petroleum reserve
- Markets East of Suez will loosen by 4.6 MMBbl/d as output increases from OPEC and Iran
- Crude oil in floating storage fell by 13% last week, according to Vortexa
- Inventories dropped from 112.07 MMBbls to 97.45 MMBbls as of April 23
- Asian-Pacific floating stocks declined by 16% week over week to 64.84 MMBbls