1. IEA: Gasoline demand will come back quickly – The IEA said in its latest Oil Market Report that global oil demand hit its nadir in April (-25.2 bm/d), and will still be down by 21.5 mb/d in May. But the agency has a somewhat optimistic take on demand recovery for the rest of the year. – In the U.S., for instance, gasoline demand was down 12 percent in March, year-on-year, and 40 percent in April. But in May, demand will be down 25 percent, and only 15 percent in June. – In the second half of the year, gasoline demand “returns to normal,” the IEA said. – But that assumes “no continued impact from confinement measures,” which, to say the least, is a rather large caveat. 2. U.S. and OPEC+ shoulder cuts – Non-OPEC supply has already declined by 3 mb/d since the start […]