Kanok Sulaiman/Shutterstock Save for later Print Download Share LinkedIn Twitter Saudi Arabia’s additional 1 million barrels per day crude oil production cut, starting in July, still needs to show up distinctly in crude oil prices. Behind Opec’s limelight, however, the product market is delivering increasing support. And that is a sign that oil demand is picking up. Crucial diesel margins are once again moving upwards, in part thanks to rising jet fuel demand, and catching up with elevated gasoline profits. Inventories are showing the makings of a tighter fall market, with oil at sea dropping and Saudi cuts depriving crude markets of 30 million bbl per month. Financial oil markets are taking note and lowering bets on bearish prices.
