Global data suffers during times of turmoil and uncertainty, as these make all trend-following numbers less reliable. Yet the latest supply and demand data reflect the havoc wreaked on the global economy. Oil demand suffers from radical trade policies, while supply increases at a regular clip. Demand for all liquids was seen as essentially flat in March and April, and preliminary data for the month of May signals a decline of 700,000 barrels per day on the year. That brings year-on-year global demand growth in the first five months down to a paltry 300,000 b/d. The start of the year, infused by cold weather and ongoing economic growth in the US, still delivered an average growth of 1.3 million b/d during January and February.
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