factors Underpinning the markets are better than expected business activity in Europe as well as supply cubs in Russia and hopes for a Chinese demand recovery. Helping to cap gains are worries that rising interest rates and a stronger U.S. Dollar will slow the economy enough to restrict demand.
Meanwhile, helping to support a longer-term bullish outlook are reports of a steady demand recovery in China that could eventually lead to a supply deficit in the second half of 2023 if the IEA’s forecast proves to be valid.