American Travel Spree Proves Market Right to Be Bullish on Oil
- Memorial Day trips show strong rebound for U.S. air travel
- Terminals were bustling in Los Angeles, Houston, Atlanta
Travelers at Los Angeles International Airport on Friday, May 28.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
From bustling U.S. airports to surging demand for gasoline, all signs from this past Memorial Day weekend reaffirm the oil market’s bet that Americans will be out traveling in force this summer.
A peek at travel patterns in the world’s largest oil-consuming country over the past few days indicates some of the heaviest driving and flying since Covid-19 decimated consumption last spring. That’s good news for Saudi Arabia and its OPEC+ allies as they gradually bring back output, counting on a rapidly tightening crude market.