3 Apr 2020
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.