LNG prices too, already at record lows, are coming under further downward pressure. Product prices are also taking a hit as demand falls, narrowing crack spreads and refining margins, especially in Asia. Brent has moved into contango (where forward prices are higher than current levels) as prompt demand weakens, and analysts around the world are slashing demand forecasts for 2020. 30th but does not yet see it as a global pandemic.Īll this has sent oil prices tumbling, despite heightened tensions in the Mideast, a tightly adhered-to OPEC-plus deal and the shut-in of about 1mn b/d of Libyan output due to civil unrest.
The economic fallout could produce a wider regional impact on demand across east Asia, and if there is any widespread infection elsewhere, the impact will be even greater – the World Health Organisation declared an international emergency on Jan. The cancellation of flights within, into and out of China is cutting jet fuel demand in China and around the world, while Chinese refiners are experiencing a sharp fall in demand for diesel and gasoline from industry and transport sectors as travel bans continue and economic activity slows. 4) - on world oil and gas markets is only slowly becoming clear.
#Corona crack 1.7 full#
The full impact of the corona virus – which has infected about 14,000 people and killed over 400 (as of Feb.
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