Oil traders hit by unexpected slump in gasoil [Reuters]
BP p.l.c. (BP)
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Source: Reuters
Oil traders hit by unexpected slump in gasoil NEW YORK/LONDON, March 4 (Reuters) - After strong profits in 2019, oil traders have been hit hard early in 2020, losing tens of millions of dollars on bets on gasoil price spreads due to an unexpected collapse in demand in January, sources familiar with the matter said. The global oil industry expected this year would bring a sharp increase in marine gasoil demand due to new regulations from the International Maritime Organization (IMO) that limited the use of high-sulfur fuel oils beginning in January. Traders expected gasoil demand would spike as it met those regulations, so it could be substituted for higher-sulfur fuels. Instead, gasoil and diesel demand dropped worldwide due to a warmer-than-expected winter in the Northern Hemisphere and a drop in consumption due to the global spread of the coronavirus. ICE Gasoil, the European distillate benchmark, and U.S. benchmark heating oil futures last week both hit lows not seen since July 201
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