Focus on Q2’21:

  • Massive vaccines rollout are being distribute worldwide, continued global demand recovery after eased lockdowns
  • Asia Pacific refineries return from turnaround
  • Supply rise after OPEC+ gradually increase production in May'21 onwards
  • Uncertainty over COVID-19 situation as new waves of infections rising in several countries
  • Concerned of supply increase as U.S.-Iran nuclear talks are making progress

Market Highlights in 2021:

  • Many countries and regions are relaxing lockdowns as the pandemic largely comes under control. Expected oil demand recovering after Covid-19 impact
  • Progress of Covid-19 mass vaccination should halt the pandemic
  • In 2021, IEA forecast global oil demand will recover by 5.4 million b/d to 96.43 mb/d, about 3.3 million b/d below the pre-COVID-19 level in 2019.
  • Uncertainty over COVID-19 situation
  • Potentially higher OPEC+ production as higher crude price and demand
  • Concerned of supply increase as U.S.-Iran nuclear talks are making progress

Focus on Q2’21:

  • Gasoil crack will be supported by demand recovery in Europe after gradually easing lockdowns amid Asia tightened supplies in Asia as Spring Refinery Maintenance season however Asia demand recovery under pressure as Covid-19 resurgence and India could export more gasoil as weak demand in India
  • Gasoline crack will supported as driving activities recovery after easing lockdowns in US amid massive vaccines rollout should halt the pandemic, although US refinery recover and eased supply tightness in US
  • Fuel oil crack will be pressured as bunker demand sluggish after Covid-19 resurgence in Asia.

Market Highlights in 2021:

  • Expected manufacturing and industrial recovering after Covid-19 impact.
  • The Fuel Oil’s supply in the worldwide will be continued to fall on the back of continued refinery modernization and implementing 0.5%S bunker.
  • Expected growth in Middle Distillate consumption will recover after Covid-19 under control.
  • The continued demand recovery in US from massive vaccines rollout will boost gasoline consumption in US.
  • HSFO will be replaced by Low-Sulfur Fuel Oil.