Latest news with #demand
Bloomberg
3 hours ago
- Business
- Bloomberg
Goldman Tweaks OPEC+ Call With Outlook for Final Hike in August
Goldman Sachs Group Inc. said it expects OPEC+ to repeat recent production increases for a fourth month for August, a change from its earlier forecast that the group would pause after last weekend's meeting. 'Relatively tight spot oil fundamentals, beats in hard global activity data, and seasonal summer support to oil demand' are all supportive, analysts including Daan Struyven said in a note. 'The expected demand slowdown is unlikely to be sharp enough to stop raising production when deciding on August production levels on July 6.'
Bloomberg
16 hours ago
- Business
- Bloomberg
Delta Sees Demand Ticking Up After ‘Lumpy' First Months
Delta Air Lines CEO Ed Bastian is more confident about demand in the second half of the year due to price-sensitive passengers in the US showing restraint in recent months amid a worsening economic climate. Demand should 'tick up a bit' in the period, Bastian said in an interview with Bloomberg Television in New Delhi on Sunday. That's after Delta suffered weakness in bookings predominantly in the US market and among leisure travelers in its main cabin earlier this year, he said in an interview with Bloomberg's Guy Johnson. (Source: Bloomberg)
Reuters
3 days ago
- Business
- Reuters
US crude oil output hit record high in March, while demand fell, says EIA
May 30 (Reuters) - U.S. crude oil output rose to a monthly record high in March, while demand for oil products declined to the lowest in a year, the U.S. Energy Information Administration (EIA) said in its Petroleum Supply Monthly (PSM) report on Friday. U.S. crude output rose to 13.488 million barrels per day (bpd) in March, up from 13.159 million bpd in February and the prior all-time high of 13.450 million bpd in October 2024. U.S. product supplied of crude oil and petroleum products, a measure of demand, fell to a 12-month low of 19.950 million bpd in March, down from 20.225 million bpd in February. That was the lowest product supplied since March 2024 and compares with a monthly record high of 21.666 million bpd in August 2005.
Bloomberg
3 days ago
- Business
- Bloomberg
US Driving Season Starts Strongly for Oil Refiners
Welcome to our guide to the commodities markets powering the global economy. Today, Houston-based reporter Nathan Risser looks at how gasoline demand is shaping up for the key US summer months. The driving season in the US officially began Monday with the Memorial Day weekend. The initial data show more Americans hit the road compared with last year, a good sign for gasoline demand and the companies that make the fuel.
Reuters
3 days ago
- Business
- Reuters
Asia Gold: India gold demand lags as prices rise, wedding buying cools
May 30 (Reuters) - Physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of wedding season kept buyers at bay, while premiums slipped in top consumer China. This week, Indian dealers were offering a discount of up to $31 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, down from last week's discount of up to $49. "The wedding season is wrapping up and the monsoon has kicked in, so jewellers are expecting a seasonal dip in demand. That's why they're holding off on making new purchases," said a Mumbai-based bullion dealer with a private bank. Domestic gold prices were trading around 94,900 rupees per 10 grams on Friday after hitting a one-month low of 90,890 rupees earlier this month. In China, bullion changed hands at par to a $15 premium an ounce over the global benchmark spot price, compared with premiums of $16-$30 last week. "Shanghai Gold Exchange drawdowns have eased to the lows of this year while imports in the last few weeks have been exceptionally high, suggesting the Chinese domestic market may be overstocked just now," said Ross Norman, an independent analyst. China's total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday. "Gold bullish bets remain predominant on the SHFE despite lower trading volume," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. In Japan, bullion was sold at par to a premium of $0.50.
