Oil – China weekly flights are 13% above pre-COVID levels

This snippet from ANZ on oil demand in China, some better news:

• signs of strength in China’s jet fuel market are likely to boost sentiment.
• China weekly flights have surged 13% above pre-COVID levels in the week ending 20 August.
• International travel is picking up, with bookings for overseas group tours during the National Day holiday in October more than tripled from a month ago. This comes amid increasing tightness in aviation fuel.

Worries over Chinese demand have been a key headwind for oil. China demand is looking to be on the up now though.