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Bank of America (BofA) in its latest report expects that although the oil industry has announced many refinery closures since October, global oil demand will reach pre-Covid-19 levels by 2023, as further closures
may be faced in the coming period.
According to the latest Global Energy Weekly, published by BofA Securities, refinery closures span the U.
S.
, northwest Europe and Asia-Pacific, with a combined capacity of nearly 1 million barrels
per day.
Meanwhile, a handful of struggling refiners, particularly in the Asia-Pacific region, have been reviewed to determine whether shutting down or replanning is a better option
than continuing refining operations.
In addition to plant closures, the industry is sitting idle capacity and cutting operations at active refineries, hoping to resume operations
as margins improve.
Platts had estimated that global outages were 16 million b/d so far this year, up nearly 8 million b/d year-on-year, helping product inventories fall
from record levels.
However, margins recovered
only modestly in most regions, constrained by a fragile rebound in demand and readily available production capacity.
The rise in Covid-19 cases in the northern hemisphere has triggered a new round of lockdowns and appears likely to be more restrictive measures
, the report added.
Travel trends are weakening in Europe and in states such as California and New York, suggesting weak gasoline demand this New
Year's holiday.
In addition, gasoline inventories have recently risen to a five-year high
.
These factors may lead to a weaker
winter gasoline market in the coming weeks.
Bank of America (BofA) in its latest report expects that although the oil industry has announced many refinery closures since October, global oil demand will reach pre-Covid-19 levels by 2023, as further closures
may be faced in the coming period.
According to the latest Global Energy Weekly, published by BofA Securities, refinery closures span the U.
S.
, northwest Europe and Asia-Pacific, with a combined capacity of nearly 1 million barrels
per day.
Meanwhile, a handful of struggling refiners, particularly in the Asia-Pacific region, have been reviewed to determine whether shutting down or replanning is a better option
than continuing refining operations.
In addition to plant closures, the industry is sitting idle capacity and cutting operations at active refineries, hoping to resume operations
as margins improve.
Platts had estimated that global outages were 16 million b/d so far this year, up nearly 8 million b/d year-on-year, helping product inventories fall
from record levels.
However, margins recovered
only modestly in most regions, constrained by a fragile rebound in demand and readily available production capacity.
The rise in Covid-19 cases in the northern hemisphere has triggered a new round of lockdowns and appears likely to be more restrictive measures
, the report added.
Travel trends are weakening in Europe and in states such as California and New York, suggesting weak gasoline demand this New
Year's holiday.
In addition, gasoline inventories have recently risen to a five-year high
.
These factors may lead to a weaker
winter gasoline market in the coming weeks.
