17 Mar 2021

JBC in the Media - Reuters

"Asian refining margins for 10 ppm gasoil extended losses on Wednesday, slipping to a near two-month low over concerns a rebound in fuel demand may take longer than anticipated.

'Developments on the demand side have meanwhile remained broadly supportive, though the recovery is once more facing headwinds,' said JBC Energy in a note to clients on Wednesday.

'Any sustained near-term optimism for individual products remains misplaced in our view, and is likely unsustainable, if only because of the significant amount of spare refining capacity that could run higher to remedy any actual continued tightness, with the last few years also having increasingly expanded the speed at which players can react to strong pricing signals,' said JBC."