Jet fuel grounds US gasoline recovery

摘要

Wary US independent refners are limiting crude runs and middle distillate output despite emerging gasoline demand. Refners want the oil sector’s oversupply pain kept upstream in swollen tank farms and idling drilling basins. The collapse of the air travel industry and a worsening outlook in Latin America complicated reactions to encouraging gasoline demand in May. Refners can only limit jet fuel production, which roughly halved as global travel restrictions to contain the Covid-19 pandemic tightened in March and daily US air passenger numbers plummeted to 5pc of those a year earlier.