Traders tell Energy Intelligence that in just the past 10 days most of the available oil storage in the US and Caribbean has been leased up or filled with products (related). Storage for products is “very thin,” with unwanted jet fuel, the fuel hurt most by coronavirus lockdowns, filling up the last bit of product tankage. Lockdowns in the OECD have knocked out roughly 80% of jet fuel demand since the end of March, with refiners straining to push as much as they can into the diesel pool, where they can still earn some margins.
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