World News
Distillate Demand Down by 7% Over Year: IEA
The first quarter demand picture for refined oil products shows jet fuel losing the biggest chunk of compared to the same quarter last year.
Against a backdrop of 57% fall in global demand, jet fuel demand shrunk by over 90% with road transport demand down by between 50-75%.
"Jet fuel was the oil product with the largest decline in demand relative to 2019," according to the International Energy Administration (IEA) report.
But its Global Energy Review 2020 added that "gasoline was the fuel with the largest absolute decline in demand related to Covid‑19 containment measures".
Diesel fuel, in contrast, was not in the same bracket as this product has a "demand floor".
"The International Maritime Organization's sulphur regulations on bunker fuel, which took effect at the start of the year, offset part of the drop by boosting diesel demand in the shipping sector," the IEA said.
Overall, for 2020, diesel consumption is expected to fall by 2 million barrels a day, or by 7%, the report said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 556.50 | 9.00 | 685.00 | 6.50 |
| Rotterdam | 506.00 | 6.00 | 665.00 | 11.00 |
| Houston | 552.50 | 0.50 | 682.00 | 4.00 |
| Fujairah | 548.00 | 7.50 | 750.00 | 3.00 |
| Global 20 Ports Average | 583.50 | 4.00 | 762.50 | 2.50 |
| Global 4 Ports Average | 546.50 | 4.50 | 697.50 | 2.50 |
| Global Average Bunker Price | 632.50 | 2.00 | 811.00 | 1.50 |
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