Factbox - Oil products markets in turmoil as coronavirus infects demand [Reuters]
INTL CONSL AIRLNS S/ADR (ICAGY)
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Source: Reuters
Factbox - Oil products markets in turmoil as coronavirus infects demand LONDON (Reuters) - The oil products markets globally are caught between a rock and a hard place as the impact of ultra cheap oil, which should be a boon for refiners, is mitigated by record low prices for gasoline and jet fuel. While major oil producers like Saudi Arabia vow to pump at record levels and offer hefty discounts on their barrels, refiners, in theory, should be producing at maximum capacity. “The extent to which (refinery) runs increase will quickly become constrained as product cracks reach a ceiling due to high inventory levels and weak global demand,” consultancy Woodmac said. Jet fuel is one of the markets hardest hit by the virus outbreak as more and more countries shut borders and travellers shun flying. Before the outbreak, jet was seen as a key market for oil demand growth globally, with mega airports springing up across the world from Istanbul to China. On March 16, British Airways owner Inter
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