Gasoil crack will be supported by higher heating oil demand during winter due to cold than normal however a persistent COVID-19 in Europe and COVID-19 resurgence in Asia would hurt any substantial demand recovery among high stock in all regions.
Gasoline crack will supported as hopes on vaccines availability, recover driving activities after easing lockdowns and low inventory levels in US.
Fuel oil crack will be pressured as HSFO importers such as Saudi Arabia, Pakistan and Bangladesh entered a shoulder season for fuel oil demand as temperature got lower and lower HSFO bunker demand replacing by VLSFO.
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.