Resilience of oil demand defies market jitters: Javier Blas

Resilience of oil demand defies market jitters: Javier Blas

May brings its familiar fretting over oil demand.
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In the swirling currents of the commodities market, May brings its familiar fretting over oil demand, echoed again this year. Despite traders' jitters, growth remains sturdy, defying apprehensions as prices dip below $85 a barrel. While diesel faces supply challenges, gasoline and jet fuel surprise with their resilience. Amidst evolving dynamics and data noise, global demand trends suggest a healthier trajectory for oil in 2024, challenging prevailing anxieties.

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By Javier Blas

Like clockwork, the commodities market worries in May about the strength of oil demand heading into the northern hemisphere summer holiday. Nervousness about the seasonal pickup in oil consumption abounds. It happened in 2023, and it's happening again this year. But as before, traders' concerns are misplaced: Oil demand growth is doing just fine. 

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