As the recent recovery in global gasoline consumption has helped boost oil prices in recent months, slowing demand in the US and Asia and increasing output in Europe will likely put pressure on the market. The slowdown in consumption in the US and Asia is a result of COVID-19 spreading out of control in the former region and a resurgence of some cases and bad weather in the latter region. Mizuho Securities's Director of Futures Securities, Robert Yawger, warned that the slowdown in US consumption could not come at worse time as demand is typically stronger in the summer: "COVID-19 is turning back the clock on demand...We saw demand level out in the middle of July. That is the peak of driving season. That is not where things should be based on what we know. This has the potential to be bad, bad, bad."
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