Locator: 47196ECON.
Tag: oil demand to grow.
Thought-provoking: prudence-signaling vs realism-acknowledging. I've spent much of Memorial Day weekend "studying" this. Very, very interesting. Many CNBC talking heads seem to be masters of "prudence-signaling."
Oil is back! Link here. Stagflation? LOL.
AAA is expecting a two-decade record high number of travelers flying for Memorial Day weekend, further supported by global crude oil consumption that analysts at JPMorgan Chase said on Friday would soar by 2.8 million barrels a day from May through August.
[To put this in perspective, 2.8 million bopd about equals "three Bakkens."]
The analysts also predicted an increase of 430,000 barrels per day in jet fuel demand during that same time period.
Bloomberg NEF is projecting that flying passengers will continue to increase in number in the coming weeks, with jet fuel demand already at its highest seasonally since 2019.
“We see jet as our fastest-growing fuel globally,” Bloomberg cited Wood Mackenzie analyst Austin Lin as saying on Monday, adding that we could see U.S. jet fuel demand increase another 5% this year amid strong American consumer spending.
At the same time, gasoline demand is rather duller by comparison, up this week but still hovering around two-year seasonal lows, according to JPMorgan, which sees global demand for gasoline declining next year by around 100,000 bpd.
US screens record 2.95 million airline passengers in single day. All-time record, any day of the year.
Oil is back! Goldman Sachs agrees -- oil demand to grow until 2034. Repeat: will continue to grow through the next ten years. Link here to Charles Kennedy.
Futures: Monday night, Memorial Day, 2024:
Rally: Wall Street is getting even more bullish on stocks.
Trending: over at TipRanks, analyst top stocks screener:
- AMD, potential upside of 14%, Wells Fargo;
- AZO, UBS analyst; reiterated Buy rating
- AMZN, target, $225, from TD Cowen
- others: DAL, TOL, UNH
WTI: up 1.02% Monday night, Memorial Day, 2024, trading at $78.51.
Gasoline prices, link here:
Economy.
Inflation, link here.
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