BRAND-NEW YORK/LONDON/SINGAPORE (Reuters) – Rates and revenue margins for motor and aviation fuels worldwide are under severe pressure from a plunge in demand as countries implement lockdowns and airlines ground planes, forcing more refineries to lower output.
SUBMIT IMAGE: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22,2019 REUTERS/Angus Mordant/File Picture
U.S. ultra-low sulfur diesel was the latest product improved from crude oil to take a hit in its money market recently, after refiners improved production in a bid to leave the poorer margins for other items harder struck by coronavirus fallout.
Refining margins for gasoline and jet fuel have actually tanked because of decreased need for transportation fuels, as the illness break out has actually required companies to close and federal governments to press citizens to avoid travel and public places.
In Asia, profit margins for jet fuel turned unfavorable for the first time in over a decade as globa