The oil price rally ran out of steam and then reversed course as a surge in Covid-19 infections in several key economies delayed any demand recovery. Energy Intelligence reckons that an almost half a million barrel per day recovery in fuel demand previously expected in the frst quarter of 2021 has now been pushed to the middle of the second quarter at the earliest. A return to pre-pan- demic conditions will depend on how quickly vaccinations can be administered with complex distribution logistics still standing in the way. Road fuel buying could come back fairly quickly once current restrictions on commuting and other journeys are lifted. But most commentators expect it will be 2026 at the earliest before jet fuel demand returns to 2019 levels. President Joe Biden’s nominee for secretary of the Treasury Department, former US Federal Reserve Chair Janet Yellen, made a strong case for massive fscal relief to boost economic growth.
展开▼
