Analysts from J.P. Morgan Global Research take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.
Episodes
Friday Jun 10, 2022
Friday Jun 10, 2022
Natasha Kaneva is joined by Ted Hall to discuss supply-demand dynamics in the global fuel market. Western refiners were already shutting down refining capacity before the COVID demand shock drove another 2 mbd of refining capacity closures over the past two years. Sanctions on Venezuela and now Russia have reduced effective capacity in Europe and the US even further. While Russia finds it difficult to find alternative markets for its products, China has cut fuel export quotas by over 50%. With demand set to pick up pace as US driving season kicks off and China comes out of lockdowns, fuel prices will continue to rise until they reach the point of demand destruction.
Speakers
Natasha Kaneva, Head of Global Oil and Commodities Research
Ted Hall, Vice President of Global Oil Research
This podcast was recorded on June 10, 2022.
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