Commodities Week Ahead: An Oil Rally Will Need China Data, Not Just Supertankers

numbers will give investors a first blush into how China’s economic reopening is Regular domestic foreign exchange platformfaring. Initial indications are that the reading could be mixed. Some analysts say they expect a rebound in consumer activity. Others forecast flat trends to allow at least another month to pass after the late January-to-early February Lunar New Year celebration.

and metrics - which last month printed at 54.4 and 52.9, respectively. 

last week. She adds:

China’s industrial activity should pick up, but the data seem to indicate that this will take longer than consumer activity. Traders should, therefore, not expect to see oil demand in the industrial sector returning to pre-pandemic levels as quickly as consumer demand.”

), and PetroChina (OTC:), the largest oil and gas producer, and distributor in China, have both hired ten supertankers in March to haul U.S. crude back to Asia, Bloomberg reported last week, citing people with direct knowledge of the matter. 

was at $75.85 a barrel by 02:10 ET (07:10 GMT), down 47 cents or 0.6%. The U.S. crude benchmark settled the previous week almost flat at $76.32, after being caught in a $75.75-$76.75 range.

, meanwhile, traded at $82.25 per barrel, down 57 cents, or 0.7%. Like WTI, the global crude benchmark finished last week flat as well at $83.16, after staying in an $82.16-$83.06 band.

will be unveiling his outlook on the U.S. economy on Thursday.

, and . Tuesday’s consumer confidence data may be of particular interest, offering a glimpse into households’ views on economic prospects and inflation expectations. Economists are expecting an uptick to 108.5 after the index unexpectedly fell in January.

and sector reports for February will be released on Wednesday and Friday, respectively.

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