LONDON: Benchmark northwest European gasoline refining margins edged higher on Tuesday, but was at around a three-month low as fuel demand fell in Europe due to lockdowns to stop the spread of COVID-19 infections.
“The latest round of data releases from OPEC and IEA confirmed our view of significant demand weakness emerging through Q4, with both organisations further cutting their outlook for 2020,” JBC Energy said in an daily note.
“Our mobility indicator for Europe has settled for now at some 20% below pre-crisis levels, so far in line with our expectations of a weaker lockdown,” JBC Energy added.
The Canadian province of Quebec said on Monday it will ban the sale of new gasoline-powered passenger cars from 2035, joining California and others in announcing moves to shift to electric vehicles and reduce greenhouse gas emissions.
Motiva Enterprises restarted the diesel hydrotreater at its 607,000-barrel-per-day (bpd) Port Arthur, Texas, refinery on Tuesday after completing a monthlong overhaul, said sources familiar with plant operations.—Reuters