“Worker absenteeism, short-term closures due to parts shortages and difficulties in filling vacancies continue to be issues limiting the growth potential of manufacturing,” said Timothy Fiore, president of the ISM survey. What is not a problem is the demand.
Monday’s gains at the oil complex were supported by expectations of stronger fuel demand this summer, although offset by a continued surge in coronavirus cases in India, the world’s third largest consumer of oil. The country recorded 392,488 new COVID-19 infections and a record 3,689 deaths on May 1, according to data from Johns Hopkins University, even as parts of the country remained under lockdown.
Indian gasoline consumption may have fallen 6.3% on the month to 2.14 million bpd, the lowest level since August, analysts say, and diesel consumption fell 1.7 % over the month at 5.9 million bpd. Public health officials have said that with the pandemic in India still not peaking, a further drop in fuel demand is expected in May.
In addition, a new variant that has emerged from India has now been detected in China and Indonesia, increasing anxiety over a growing wave of new cases in Asia that could lead to increased travel restrictions and a drop in travel. fuel demand. The new US travel restrictions to India will take effect on Tuesday.
At the start of trading, futures on NYMEX June West Texas Intermediate advanced $ 1.08 to trade above $ 65 per barrel (bbl) at $ 65.60 bbl, with ICE July Brent rallying $ 1. $ 22 to $ 68.80 bbl. NYMEX June RBOB futures jumped 4.90 cents to $ 2.1498 gallons with the gasoline contract seasonally downgraded, while June ULSD futures gained 3.95 cents to 1, 9,912 gallon.
Liubov Georges can be reached at [email protected]