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Summer Buying Lifts Oil Prices

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Resurgent fuel demand pushed oil prices higher. A supply crunch is looming with the International Energy Agency this week warning that oil balances will tighten by a dramatic 2 million barrels per day in the second half of this year. Closely watched US gasoline demand is already running at its highest level since 2021 with global jet fuel demand also about to take off. The International Air Transport Association (IATA) this week told airlines to prepare for a busy summer holiday season with bookings already 35% higher in the first quarter than last year.

Jet Fuel, Diesel/Gasoil, Oil Spot Markets, Crude Oil
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