India’s cash woes trigger rush for transport fuels

摘要

Singapore—The scramble for cash following India’s move to demonetize more than 80% of its currency has dampened the country’s love affair with gold that could slash imports, but the impact on oil, petrochemicals, metals and agriculture is expected to be relatively small and strong fundamentals would eventually help to stabilize demand after a bumpy ride in the fourth quarter. CEOs, head of industry associations, analysts and traders who spoke to S&P Global Platts pointed to a common theme—the surprise move had triggered panic buying of essential commodities, such as gasoline and diesel, while prompting consumers to defer spending on nonessential goods, creating a temporary slowdown in demand for products such as petrochemicals.