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.