Asian product cracks fall to record lows
Jet and gasoil product cracks in Asia have hit record lows as demand continues to fall, Reuters reports. The jet crack fell to $3.55/bl below Dubai crude on Friday, down from a premium of $2.06/bl the previous day. The gasoil crack slid to just $6.15/bl above Dubai crude, the lowest on record. Weak product cracks are likely to incentivise further refinery run cuts. Oil forecasters expect the coronavirus containment measures to peak in April/May with the largest impact on oil demand during these months.