After oil rout, another key petroleum product could see demand evaporate [Financial Post (Toronto, Ontario, Canada)]
IHS Markit Ltd. Common Shares (INFO)
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Source: Financial Post
After oil rout, another key petroleum product could see demand evaporate Economists are concerned about falling demand for diesel as historically the fuel has been tied closely to economic activity CALGARY — As oil prices crater, economists are watching refineries across North America for data on diesel production, another key petroleum product that is expected to buckle as demand evaporates. After U.S. crude delivery contracts for May descended into negative territory on Monday, contracts for West Texas Intermediate oil delivered in June fell 53 per cent to US$9.53 per barrel in midday trading Tuesday. Oil prices have plunged dramatically as storage tanks in Canada and across North America are filling up and as commuters stay home during the pandemic, which has knocked out demand for gasoline and jet fuel. In addition to the fall in gasoline demand, economists are now concerned about falling demand for diesel as historically the fuel has been tied closely to economic activity. Diesel
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