LONDON (Bloomberg) --Few have a better watchtower over oil demand
than Joe Gorder, chief executive officer of major U.S. refiner Valero
Energy Corp. But this week Gorder didn’t even need his business insight
to know that fuel consumption was starting to recover in America.
He only needed to look at the streets of San Antonio, the Texas city
where he’s based, to see traffic emerging after weeks of lockdown.
“People are starting to get out more,” Gorder said. “I think there
probably is a pent-up demand for folks to get out of their houses and
get mobile.”
From the streets of San Antonio to Barcelona and Beijing, traffic
data, sales at fuel stations, and pipeline flows all suggest that the
slump in oil demand probably bottomed out around the middle of April,
and has now started a modest -- and very tentative -- recovery. The
signs matter beyond the petroleum industry as they provide a glimmer of
hope after a torrent of negative economic data.
https://www.worldoil.com//news/2020/5/1/oil-demand-is-beginning-a-slow-and-fragile-recovery-worldwide
No comments:
Post a Comment