US refiners’Catch-22:weak product demand offsets falling crude prices

摘要

The refining world is facing an unprecedented situation of massive declines in oil and fuel demand.While a collapse in crude oil prices generally helps margins,refineries across the globe have cut throughput and are considering holding extensive maintenance as demand for fuels is eroded by travel restrictions in response to the coronavirus.The US,which is the largest oil consumer on the globe,is currently seeing gasoline demand plummet as a result of the virus.Transportation fuel cracks have also become negative in Asia,Europe,and,for a brief moment,in the US.