Gasoil crack will be supported as demand recovery from industrial production resumption and consumer spending.
Gasoline crack will be supported as lockdown restrictions were lifted in various parts of the world however potential return of Chinese exports and second wave COVID-19 in the U.S. is of concern, given that it is the world’s top gasoline consumer.
Fuel oil crack will be pressured by sustained low HSFO demand for bunker fuel, due to the shift towards LSFO.
Market Highlights in 2020:
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.
HSFO will be replaced by Marine Gasoil and Low-Sulfur Fuel Oil.