Atlantic Basin Mid-Distillates Poised for Tighter Summer

摘要

The revival in US jet fuel demand to 1.2 million barrels per day in March as domestic travel takes off should further tighten Atlantic Basin middle distillate markets in coming months (JFI Mar.26’21). Inventories are draining fast enough to bring stocks back to pre-pandemic levels over the summer, Energy Intelligence balances signal. March, April and May all show inventory draws globally, as Opec-plus production cuts help keep supply below oil demand. Relative price spreads signal that the crude market is back in equilibrium and waiting for the product market to follow.