Infographic: Taking the brake off: first signs of a limited, vulnerable rebound

Evidence of demand recovery from the easing of coronavirus lockdowns remains patchy for some commodities, non-existent for others.

For transport fuels, non-commercial aviation has shown a steady recovery in recent weeks while commercial flights remain largely grounded. US traffic data indicate activity back to 80% of norms, this some way ahead of Europe and much of Asia.

Electricity demand is clawing back some heavy losses in the US and Europe but there is limited cheer for natural gas, although LNG imports are up in China.

And while metals production is ticking up in Asia and elsewhere, the thaw is limited. These are cautious times and a second wave of infections would likely wipe out any progress at a stroke.

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