Singapore—Asia’s fuel consumption has picked up since the peak of the coronavirus pandemic during March-April, but the region’s oil product producers and importers remain keen to adjust their trading strategies as demand recovery remains fragile. Asian refined oil markets have so far registered wild swings in both physical cargo trading volumes and benchmark prices over the past several trading cycles, and industry participants have had to re-think deal structures and requirements, particularly in the face of limited storage and an uncertain demand recovery outlook.
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