Energy Prospectus

Bloomberg this morning: India’s oil demand bounced back in April after falling for three consecutive months, recovering from the impact of the country’s move to withdraw high-value notes.

Fuel consumption rose 3.3 percent to 16.79 million tons in April, according to the Oil Ministry’s Petroleum Planning and Analysis Cell. Diesel use, which accounts for about 40 percent of the total fuel demand in India, increased 2.8 percent to 6.96 million tons and gasoline consumption rose 4.5 percent to 2.09 million tons.

Stronger demand will increase India’s crude oil imports year-over-year in April and May, BMI analysts said in a note emailed on May 9. “The return of Indian consumption growth over the remainder of 2017 will help support global oil demand growth over the summer,” they said.

Read: https://www.bloomberg.com/news/articles ... r-3-months

Goldman sticks to bullish outlook. Goldman Sachs reiterated its belief this week that the oil market is already in a supply deficit. Goldman’s head of commodities, Jeff Currie, said at a London Conference that oil investors should be betting on higher prices. “Do I want to be long oil? The answer is absolutely yes because we are going into a deficit market,” Currie said at the S&P Global Platts Global Crude Summit in London on Wednesday. “With demand continuing to surprise to the upside,” the oil market could find itself short on oil by some 2 million barrels a day by July.