Discusses China re-opening and its effect on oil demand. We have the experience of what happens when we opened the US and EU. People may be underappreciating Chinese demand.
Javier Blas comments from Bloomberg:
Globally, don’t underestimate jet fuel demand either. According to data from FlightRadar24, the seven-day rolling average flight count has stood above the 2019 level every day since Feb. 6. The latest tally puts the seven-day average at 109,330 flights compared to 105,724 four years ago.
Pent-up demand, particularly in Asia, is a strong force, and jet fuel consumption will likely hit a record high by 2024. By then, every single part of the oil barrel will be higher than it was in 2019. Oil demand is back, with a vengeance.