-- Global gasoline demand will remain robust this summer despite recent signs of weakness in the market, according to Rystad Energy A/S, which expects consumption to top levels seen before the pandemic in 2019.“I see gasoline markets being balanced-to-strong for the summer,” Mukesh Sahdev, head of Rystad’s oil trading solution team, said in an interview. “It’s likely the recent decline in US mobility is a temporary blip.
Sahdev’s broadly optimistic take chimes with other positive assessments of the market. Standard Chartered Plc said earlier this month that the pessimism over US gasoline demand was “unwarranted,” citing the trend for initial weak estimates of US consumption to be revised upward. In the US, about 38.4 million people are expected to take to the roads this Memorial Day weekend, the most in more than two decades, according to the American Automobile Association. The holiday falls on May 27.Road travel has continued to recover from the pandemic, and election year in the US will further boost travel, according to Rystad’s Sahdev. In addition, supplies in the US and Europe will be also be tighter amid closures of refineries and associate gasoline-producing units, he said.$1.
-Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization of $3 billion if copper prices hit $5 per pound, CEO Jonathan Price said on Tuesday. For Vancouver, Canada-based Teck, copper is the main driver of profitability after it sold its steel-making coal business to a consortium of buyers led by Swiss miner Glencore for $8.9 billion last year.
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