22 Jul 2020

JBC in the Media - The National

US oil falls from four-month highs as inventories build

“JBC Energy expects the near-term momentum in the recovery of oil demand to slow amid strong headwinds from developing economies.

The consultancy expects demand recovery to waver 3 per cent month-on-month over July and August, compared with 6 per cent in May and June.

‘Over [the second half of 2020], we expect oil products demand to average some 6m bpd lower year-on-year and, while jet/kerosene remains the key contributor to weakness, providing close of half to the downside, gasoline and gasoil/diesel are looking increasingly unlikely to see a full recovery later this year, with economic uncertainty trumping vaccine hopes.’”