"Struggling to earn money, refiners are running well below capacity, pinching demand for crude. This will continue to act as a drag on the oil market in the coming months, analysts say.
'It's a big challenge,' Eugene Lindell, senior analyst at consulting firm JBC Energy, said of the contraction in air travel. Mr. Lindell forecasts that demand for jet fuel will continue to grow deep into the 2030s, but sees overall oil consumption peaking in five years. Some of the refineries he advises, however, are worried that demand has already peaked.
'It's one of the big questions out there,' Mr. Lindell said of demand for jet fuel."